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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

As part of the Company’s repositioning actions, management plans to consolidate the manufacturing of certain products and optimize engineering resources in the Payment Solutions portion of the segment. In addition, a charge was recorded in connection with the anticipated sale of a property in St. Louis, Missouri related to the previous plant consolidation in South Carolina. Repositioning charges of $2.3 million on a pre-tax basis were recorded in the second quarter of 2012. Pre-tax savings associated with these actions are expected to approximate $1 million annually beginning in 2013.

           
Fluid Handling
 
Second Quarter Change
(dollars in millions) 2012 2011
 
Sales $302.3 $286.1 $16.2 6%
 
Operating Profit $26.8 $36.9 ($10.0) (27%)
Operating Profit, before Special Items* $38.2 $36.9 $1.3 4%
 
Profit Margin 8.9% 12.9%
Profit Margin, before Special Items* 12.6% 12.9%
 
* Repositioning charges primarily associated with transferring production to lower cost Company facilities.
 

Second quarter 2012 sales increased $16 million, or 6%, including a core sales increase of $23 million (8%), $7 million from the acquisition of WTA (3%), and unfavorable foreign currency translation of $14 million (-5%). Before Special Items, operating profit increased to $38.2 million while operating margin declined slightly to 12.6%.

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