Crane Co. (NYSE: CR), Stamford, CT, reported third-quarter sales of $727.4 million, up 14.1 percent over the same period a year ago. Core sales increased 0.3 percent.
Profit for the diversified manufacturer fell 51 percent to $28.1 million.
“While overall margins were strong, third quarter results fell short of our expectations primarily as a result of lower core sales in our fluid handling business,” President and CEO Max Mitchell said.
Third-quarter fluid handling sales fell 2.4 percent, while aerospace and electronics sales fell 1.5 percent. Engineered materials sales grew 4.5 percent, and payment & merchandising technologies revenue more than doubled.
For the first nine months, sales were $2.2 billion, up 15 percent year-over-year. Profit fell 20 percent to $136.5 million.
