Crane Co. Reports First Quarter Results
Fluid Handling sales declined $1.2 million, or 1%, to $116.4 million for the first quarter of 2001 compared with the first quarter of 2000. Operating profit decreased $.9 million to $7.0 million in the first quarter of 2001 versus $7.9 million in the first quarter of 2000.
Severance costs of $1.1 million were included in this year's first quarter results. Operating profit margins were 6.1% in the first quarter of 2001 compared with 6.8% in the first quarter of 2000. Operating profit at Crane's valve businesses increased by $.6 million on a $2.3 million increase in sales as improved production efficiencies in the UK, a strong power generation market for Pacific Valves and an improving marine market for Westad more than offset lower shipments of valves sold in the U.S. through distributors and $.5 million in severance expenses. Crane Pumps' operating profit decreased $.7 million due to a $1.9 million decrease in sales and severance costs totaling $.6 million for the quarter. Lower shipments of $2.5 million negatively impacted Crane Supply's operating profit by $.8 million. As previously announced, on April 1, 2001, the Company acquired the Industrial Flow Group of Alfa Laval Holding AB for approximately $37 million, with approximate annual sales of $77.0 million. The acquisition is expected to be immediately accretive to earnings.
Source: Crane Co.
