July 28, 2009

Crane Co., Stamford, CT, a diversified manufacturer of highly engineered industrial products, reported second quarter sales of $545.5 million, down 21% from second quarter 2008. Profit declined 53% to $27.8 million.

The company eliminated 270 positions during the quarter, bringing total headcount reductions to 1,900, or 16%, since year end 2007. Additional reductions are expected in the second half of the year.

Year-to-date, sales were $1.1 billion, down 20% from 2008. Profit declined 52% to $51.1 million.

Segment Results
Sales in the Aerospace & Electronics segment declined 11% during the second quarter to $147 million, a result of significant declines in demand in the Aerospace Group. Demand in Electronics improved slightly during the period.

Engineered Materials …

Hexcel Corp., Stamford, CT, reported sales for the second quarter of 2009 were $277.3 million, 22.9% lower than second quarter 2008. Profit declined 37.1% to $16.8 million.

Year-to-date, sales were $584.6 million, down 17% from the first half of 2008. Profit was down 19.4% to $40.2 million.

"While we have limited ability to influence short term sales, we are focused on what we can control: our own cost structure, operational efficiency and cash flow," CEO David Berges said. "This quarter we continued to reduce headcount, controllable costs, capital expenditures and inventories."

In the Industrial segment, sales of $64.8 million for the second quarter of 2009 were down 24.5% in actual dollars (15.6% in constant currency) over last year due primarily to wind energy and automotive …