Crane Co. (CR, Financial) filed Quarterly Report for the period ended 2010-06-30.
Crane Co. has a market cap of $2.16 billion; its shares were traded at around $36.62 with a P/E ratio of 15.5 and P/S ratio of 1. The dividend yield of Crane Co. stocks is 2.2%.CR is in the portfolios of Tom Russo of Gardner Russo & Gardner, Pioneer Investments, Steven Cohen of SAC Capital Advisors, David Dreman of Dreman Value Management, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, Kenneth Fisher of Fisher Asset Management, LLC, Jeremy Grantham of GMO LLC.
Aerospace Group sales of $85.8 million decreased $1.9 million, or 2.1%, from $87.7 million in the prior year period. This was largely attributable to declines in original equipment manufacturer (OEM) product sales of 2.6% and declines in aftermarket product sales of 1.4%. During the second quarter of 2010, sales to OEMs and sales to aftermarket customers were 57.5% and 42.5%, respectively, of total sales, compared to 57.8% and 42.2%, respectively, in the same period last year. Operating profit increased by $9.2 million in the second quarter of 2010, compared to the second quarter of 2009 primarily reflecting an $8.0 million decline in engineering expenses, reflecting several major development programs nearing completion, partially offset by the unfavorable impact of the lower sales volumes. Total engineering expense for the Aerospace Group was $10.8 million in the second quarter of 2010, which compared to $18.8 million in the second quarter of 2009.
Electronics Group sales of $53.5 million decreased $5.8 million, or 9.8%, from $59.3 million in the prior year period. The decline was due in part to timing of certain shipments which are currently expected to occur in the third and fourth quarters of 2010. The net effect of a divestiture (General Technologies, Inc. (GTC)) and an acquisition (Merrimac Industries Inc. (Merrimac)) lowered sales by $0.6 million. Operating profit decreased $2.1 million compared to the second quarter of 2009, reflecting the impact of the lower sales volumes.
Operating profit was $118.6 million in the first six months of 2010 compared to $83.4 million in the comparable period of 2009. The increase over the prior year period was led by improved performance in our Aerospace & Electronics and Engineered Materials segments, partially offset by lower operating profit in our Fluid Handling segment. In addition operating profit for the first six months of 2009 included a charge related to a previously disclosed legal settlement of $7.3 million. Operating profit margins were 10.9% in the first six months of 2010 compared to 7.6% in the comparable period of 2009.
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Crane Co. has a market cap of $2.16 billion; its shares were traded at around $36.62 with a P/E ratio of 15.5 and P/S ratio of 1. The dividend yield of Crane Co. stocks is 2.2%.CR is in the portfolios of Tom Russo of Gardner Russo & Gardner, Pioneer Investments, Steven Cohen of SAC Capital Advisors, David Dreman of Dreman Value Management, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, Kenneth Fisher of Fisher Asset Management, LLC, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
Operating profit was $65.3 million in the second quarter 2010 compared to $45.5 million in the comparable period of 2009. The increase in operating profit reflected improved performance across all business segments and the absence of prior year restructuring charges of $2.3 million. Operating profit margins were 11.8% in the second quarter of 2010, compared to 8.3% in the comparable period in 2009.Aerospace Group sales of $85.8 million decreased $1.9 million, or 2.1%, from $87.7 million in the prior year period. This was largely attributable to declines in original equipment manufacturer (OEM) product sales of 2.6% and declines in aftermarket product sales of 1.4%. During the second quarter of 2010, sales to OEMs and sales to aftermarket customers were 57.5% and 42.5%, respectively, of total sales, compared to 57.8% and 42.2%, respectively, in the same period last year. Operating profit increased by $9.2 million in the second quarter of 2010, compared to the second quarter of 2009 primarily reflecting an $8.0 million decline in engineering expenses, reflecting several major development programs nearing completion, partially offset by the unfavorable impact of the lower sales volumes. Total engineering expense for the Aerospace Group was $10.8 million in the second quarter of 2010, which compared to $18.8 million in the second quarter of 2009.
Electronics Group sales of $53.5 million decreased $5.8 million, or 9.8%, from $59.3 million in the prior year period. The decline was due in part to timing of certain shipments which are currently expected to occur in the third and fourth quarters of 2010. The net effect of a divestiture (General Technologies, Inc. (GTC)) and an acquisition (Merrimac Industries Inc. (Merrimac)) lowered sales by $0.6 million. Operating profit decreased $2.1 million compared to the second quarter of 2009, reflecting the impact of the lower sales volumes.
Operating profit was $118.6 million in the first six months of 2010 compared to $83.4 million in the comparable period of 2009. The increase over the prior year period was led by improved performance in our Aerospace & Electronics and Engineered Materials segments, partially offset by lower operating profit in our Fluid Handling segment. In addition operating profit for the first six months of 2009 included a charge related to a previously disclosed legal settlement of $7.3 million. Operating profit margins were 10.9% in the first six months of 2010 compared to 7.6% in the comparable period of 2009.
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