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Crane Co. Reports Second Quarter Results; Increases Dividend 8%; Announces Repositioning Actions To Improve 2013 Performance; Adjusts 2012 EPS Guidance To $3.75–$3.85, Excluding Special Items

Aerospace & Electronics order backlog was $423 million at June 30, 2012, as compared to $438 million at March 31, 2012 and $411 million at December 31, 2011.

           
Engineered Materials
 
Second Quarter Change
(dollars in millions) 2012 2011
 
Sales $54.5 $60.1 ($5.6) (9%)
 
Operating Profit $5.5 $9.1 ($3.6) (39%)
Operating Profit, before Special Items* $6.6 $9.1 ($2.5) (28%)
 
Profit Margin 10.2% 15.2%
Profit Margin, before Special Items* 12.1% 15.2%
 
* Repositioning charges primarily associated with the anticipated closure of a manufacturing facility.
 

Segment sales of $54.5 million declined 9% compared to the second quarter of 2011, as a result of lower demand from transportation and, to a lesser extent, building products customers. Sales to recreational vehicle customers were approximately equal to the prior year. Operating profit before Special Items decreased 28%, primarily reflecting deleverage of the lower sales and higher raw material costs.

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