“The Company executed well in the second quarter, with continued operating improvement year over year as well as targeted actions to drive further improvements in 2013. Reflecting our confidence in the Company’s future, we are increasing the quarterly dividend by 8%,” said Crane Co. president and chief executive officer Eric C. Fast. “We have narrowed our EPS guidance range and reduced the midpoint by $0.05, reflecting two small divestitures in the second quarter. Our repositioning actions directly address costs in our European Fluid Handling businesses, strengthening our confidence for 2013.”Divestitures In June 2012, the Company divested two businesses, positively impacting second quarter 2012 EPS by $0.31. The associated gain of $18.3 million on an after-tax basis is included in the “Gain from Discontinued Operations” section on the accompanying income statement. The divested businesses had profit from operations in the second quarter of 2012 of $1.6 million on an after-tax basis, or $0.03 per share, which is included in the “Profit from Discontinued Operations” section on the accompanying income statement.
- Azonix Corporation was sold to Cooper Industries (NYSE: CBE) on June 19, 2012 for $43.4 million. Azonix designs and manufactures intrinsically safe computer devices for extreme environments and was formerly part of the Controls segment. In the first half of 2012, Azonix had sales and pre-tax profit from operations of $17.1 million and $2.5 million, respectively.
- Certain assets and operations of Crane’s valve service center in Houston, TX were sold to Furmanite Corporation (NYSE: FRM) on June 28, 2012 for $9.3 million. This service center, formerly part of the Fluid Handling segment, had sales and pre-tax profit from operations in the first half of 2012 of $8.4 million and $1.3 million, respectively.