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Crane Co. Reports First Quarter Earnings

Fluid Handling

      First Quarter       Change    
(dollars in millions) 2012       2011      
Sales $301.9 $264.1 $37.7 14%
Operating Profit $39.6 $35.5 $4.2 12%
Profit Margin 13.1% 13.4%

First quarter 2012 sales increased $37.7 million, or 14%, which included a core sales increase of $37.4 million (14%), $4.4 million from the acquisition of WTA (2%), and unfavorable foreign currency translation of $4.1 million (-2%). Sales were broadly higher across Fluid Handling end markets. Orders from ChemPharma and Energy customers strengthened markedly on both a year over year and sequential basis. Operating profit increased to $39.6 million while operating margin declined slightly to 13.1%, reflecting throughput inefficiencies in certain European operations. Backlog increased to $338 million at March 31, 2012, compared to $314 million at December 31, 2011 and $305 million at March 31, 2011.

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