October 28, 2008

Crane Co. 3Q Sales Down 3%

Free, News, Subscriber Only, Top Distributor Sectors / MDM Staff

Crane Co., Stamford, CT, a diversified manufacturer of highly engineered industrial products, reported third quarter 2008 profit of $36.1 million compared with third quarter 2007 net loss of $196.9 million.

Third quarter 2008 sales decreased $21.4 million, or 3%, including core business decline of $27.9 million (4%) partially offset by an increase of sales from acquired businesses of $3.8 million and favorable foreign currency translation of $2.7 million. Order backlog at Sept. 30, 2008 was $779 million, which is 3% lower than the backlog of $805 million at June 30, 2008 and 8% higher than $720 million at December 31, 2007.

The third quarter 2008 sales increase of $0.7 million reflected a sales increase of $3.8 million in the Aerospace Group and a decrease of …

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Search for Capital Grows More Difficult

Finance, Free, Mergers & Acquisitions, Subscriber Only / Lindsay Young

In the recent MDM Reader Survey, about three-fourths of readers said they are concerned with current credit markets as it pertains to their day-to-day operations and growth plans.”

Credit has been virtually frozen in the past month or so and has rippled through the economy. Lending standards have tightened and scrutiny from banks has increased. Chris Coetzee, managing director at Robert W. Baird &Co. and head of the firm’s Financial Sponsor Group, told MDM for a recent article that bankers will also increase focus on the end markets companies sell into. (Read Credit Crunch in the Channel.)

The magazine

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U.S. Dollar Reversing Course

Economic Trends, Free, Research & Analytics, Subscriber Only / MDM Staff

Here’s an interesting look at the dollar by Reuters, which it says has risen to a two-year high versus the Euro and five-year high to the British pound. The greenback is up about 18% since July against a basket of currencies.

The result: Multinationals are predicting that earnings will fall. Companies that source from Europe or other places where the dollar was weak may see a positive benefit in lowered costs.

One gas measurement and control equipment distributor, Equipment Controls Co.,Norcross, GA , is one of those benefiting from lower sourcing costs. The distributor sources …

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Housing Starts Down 31.1% from Sept. 2007

Building Materials/Construction, Economic Trends, Free, News, Research & Analytics, Subscriber Only, Top Distributor Sectors / MDM Staff

The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for September 2008:

Building Permits
Privately-owned housing units authorized by building permits in September were at a seasonally adjusted annual rate of 786,000. This is 8.3 percent below the revised August rate of 857,000 and is 38.4 percent below the revised September 2007 estimate of 1,277,000.

Single-family authorizations in September were at a rate of 532,000; this is 3.8 percent below the August figure of 553,000. Authorizations of units in buildings with five units or more were at a rate of 225,000 in September.

Housing Starts
Privately-owned housing starts in September …

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Year-End Incentive Programs Hit by Weak Earnings

Economic Trends, Free, Management, Research & Analytics, Strategy, Subscriber Only / MDM Staff

Deloitte recently released a survey about how decreased earnings and falling stock prices are eating into companies’ annual incentive and long-term incentive plans.

This at a time when it’s more important than ever to make your employees feel valued and motivated.

The survey found that 59% expect their annual incentive plans to pay out below target, while 11% believed they would be no pay out at all. And among those companies offering stock options, 63% report that all or most of their stock options granted within the past five years are currently underwater.”(That is, the exercise price is above the current stock price.)

Among the companies that have implemented or plan to implement retention programs, 33% will create a stand-alone program for …

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McKesson Sales Grow 9% in 2Q

Free, News, Pharmaceutical & Health Care, Subscriber Only, Top Distributor Sectors / MDM Staff

Drug distributor McKesson Corp., San Francisco, CA, reported sales for the second quarter ended Sept. 30, 2008, were $26.6 billion, a 9% increase over the prior year. Profit improved 32% to $327 million.

Year-to-date, sales increased 9% in a year-over-year comparison to $53.3 billion. The company reported profit for the period of $562 million, an increase of 17%.

In the Distribution Solutions segment, sales grew 9%. U.S. pharmaceutical direct distribution and services revenues grew 16% for the quarter, while warehouse sales were down 7%. Canadian revenues increased 15% due to new and expanded distribution agreements, market growth rates, and one additional day of sales. Medical-Surgical distribution revenues were up 9% for the quarter.

In Technology …

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October 28, 2008

Crane Co. 3Q Sales Down 3%

Search for Capital Grows More Difficult

U.S. Dollar Reversing Course

Housing Starts Down 31.1% from Sept. 2007

Year-End Incentive Programs Hit by Weak Earnings

McKesson Sales Grow 9% in 2Q

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