Stamford, CT-based Crane Co. (NYSE: CR) reported first quarter sales were $611 million, an increase of 15 percent compared to first quarter 2010. Core sales increased 11 percent. Profit for the diversified manufacturer of highly engineered industrial products increased 45.8 percent to $48.5 million.

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Aerospace & Electronics segment sales of $28.3 million increased 21 percent in the quarter, reflecting a 25 percent improvement in aerospace group sales and a 16 percent increase in electronics group revenues. Segment operating profit increased 39 percent to $9.6 million.

Controls segment sales of $28.2 million increased 13 percent, primarily reflecting improvement in industrial, transportation and upstream oil and gas related demand. Operating profit of $3.1 million increased significantly over 2010, reflecting strong leverage and the absence of the operating losses associated with divested businesses.

First quarter 2011 sales in the Fluid Handling segment increased 6.6 percent, including a core sales increase of 4.4 percent and favorable foreign currency translation of 2.2 percent.

Engineered Materials segment sales of $61.8 million increased 15 percent compared to the first quarter of 2010, as a result of significantly higher demand from transportation customers, as well as higher revenues across recreational vehicle and building products end markets. Operating profit grew 19 percent.

Merchandising Systems sales of $94.9 million increased 35 percent, primarily reflecting $16.4 million of sales associated with the December 2010 acquisition of Money Controls (23 percent) and positive core sales growth in our Payment Solutions and Vending businesses.