Diversified manufacturer Crane Co. (NYSE: CR), Stamford, CT, reported first-quarter sales of $716.8 million, an increase of 14.2 percent compared to the same period a year earlier. Core sales increased 1 percent. Profit increased 11.9 percent to $57.8 million.
Aerospace and electronics sales increased 2.5 percent to $169 million, reflecting a 5.1 percent rise in aerospace group sales and a 2 percent decline in electronics group sales. The decrease in electronics group sales was driven primarily by lower product shipments for defense applications.
Engineered materials segment sales of $67.9 million were 12.8 percent higher than the first quarter of 2013, primarily driven by higher sales to recreational vehicle equipment manufacturers. Operating profit increased 25.9 percent to $10.8 million.
Payment and merchandising systems sales increased 89 percent to $169.1 million, primarily driven by $84.1 million of sales related to the MEI transaction. Operating profit increased to $19.8 million in the quarter, primarily reflecting the impact of the MEI acquisition.
Fluid handling sales declined to $2.2 million, which included a core sales decline of 1 percent. The core sales decline was driven by continued softness in Canadian end markets and unfavorable comparisons for nuclear project based services. Operating profit increased 1 percent.
