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.
|(dollars in millions)||2012||2011|
|Operating Profit, before Special Items*||$6.6||$9.1||($2.5)||(28%)|
|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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