Engineered industrial product maker Crane Co. (CR), Monday said its second quarter profit declined from last year, hurt by lower sales in all of businesses. In addition, the company lowered its fiscal 2009 outlook, citing difficult market conditions.
The Stamford, Connecticut-based company posted net income attributable to common shareholders of $27.8 million or $0.47 per share for the second quarter, compared to $59.0 million or $0.97 per share in the prior year quarter.
Result for the quarter included after-tax charges of $1.4 million or $0.02 per share, primarily related to a restructuring program, while the year-ago result was benefited from recoveries of $2.9 million after-tax or $0.05 per share, in conjunction with environmental remediation activities.
Net income attributable to common shareholders before special items fell to $29.13 million or $0.50 per share from $56.12 million or $0.93 per share in the year-ago quarter.
On average, 5 analysts polled by Thomson Reuters expected the company to earn $0.49 per share for the second quarter.
Second quarter net sales decreased 21% to $545.49 million from $693.48 million in the same quarter last year, due to a 21% drop in core sales, and unfavorable foreign currency translation.
Net sales from Aerospace & Electronics segment declined 11% to $147 million, Engineered Materials segment's sales slipped 43% to $41.77 million, Merchandising Systems sales were down 37% to $73.33 million, sales from Fluid Handling segment dropped 13% to $263.08 million, and Controls segment sales declined 46% year-over-year to $20.31 million.
Crane president and chief executive officer, Eric Fast, said, "Year-over-year sales were sharply lower in our short-cycle businesses, specifically at Engineered Materials, Merchandising Systems and Controls, which continue to be impacted by very difficult end market conditions. Sales declines in our longer-cycle Aerospace and Fluid Handling businesses were more pronounced than the first quarter and we expect demand to soften through the balance of the year."
For the first half of 2009, Crane reported net income attributable to common shareholers if $51.08 billion or $0.87 per share, compared to $107.39 million or $1.77 per share in the previous year period.
Net income attributable to common shareholders before special items fell to $57.19 million or $0.98 per share from $104.50 million or $1.72 per share in the prior year period.
Total net sales for the year-to-date period declined to $1.10 billion from $1.37 billion in the preceding year period.
For 2009, Crane now expects earnings in the range of $1.75 to $2.05 per share, and sales of $2.2 billion. The outlook includes charges for potential restructuring and integration activities of $0.10 per share. The Street currently expects the company to report earnings of $2.06 per share for the year.
Earlier, the company estimated earnings in the range of $2.01 to $2.31 per share, and sales of $2.4 billion for the year.
CR closed Monday's regular trading session at $23.57, down 22 cents.
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