(RTTNews) - Diversified manufacturer Crane Co. (CR: News ) said Monday its third quarter profit declined slightly from last year, hurt by lower sales in all the segments. Quarterly earnings, however, exceeded Street expectations. Looking ahead, the company raised the high-end of its GAAP earnings outlook for fiscal 2009, while reaffirming the sales forecast.

Crane's net income attributable to common shareholders was $35.1 million or $0.60 per share for the third quarter, compared to $36.1 million or $0.60 per share in the prior year quarter.

Excluding special items, net income attributable to common shareholders was $35.5 million or $0.60 per share for the quarter. On average, 5 analysts polled by Thomson Reuters expected the company to report earnings of $0.48 per share for the third quarter. Analysts' estimates typically exclude special items.

The Stamford, Connecticut-based company's third quarter sales declined 14% to $551.0 million from $642.7 million in the same quarter last year.

Sales from the Aerospace & Electronics segment fell 14% to $136.9 million, hurt mainly by lower demand.

Engineered Materials segment sales dropped 17% to $48.1 million, reflecting continued depressed demand from transportation and building products end markets.

Merchandising Systems segment sales slipped 19% to $75.9 million, amid the difficult market conditions.

Sales from the Fluid Handling segment decreased 9% to $266.8 million, due to core sales decline and unfavorable foreign currency translation.
Third quarter Controls segment sales declined 39% to $23.1 million over a year ago, reflecting continued depressed conditions in the oil & gas and transportation end markets.

Crane president and CEO, Eric Fast, said, "While sales in Engineered Materials, Merchandising Systems, Fluid Handling and Controls were lower than the prior year quarter, they improved slightly from the second quarter this year. Total Aerospace & Electronics segment sales have been declining for the past year primarily because of weaker demand in our long-cycle Aerospace business."

Order backlog was $682 million at September 30, 2009, down 12% from $779 million at September 30, 2008.

For the nine-month period of 2008, net income attributable to common shareholders dropped to $86.2 million or $1.47 per share from $143.5 million or $2.36 per share in the previous year period.

Excluding special items, net income attributable to common shareholders was $92.7 million or $1.58 per share, compared to $140.6 million or $2.32 per share in the prior year period.

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