Crane Co. (CR) swung to a profit in its fourth-quarter as cost
cutting helped the industrial products maker offset falling
sales.
Cost cutting has kept Crane's bottom line relatively buoyant as
the downturn weighed on sales. The company has been trimming
jobs--17% since the end of 2007--and one quarter ago raised its
2009 savings target to $150 million, a figure Crane topped at $175
million. Still, the company has expanded in some areas, with the
$52 million acquisition of Merrimac Industries Inc. (MRM) set to
close this quarter.
Crane posted fourth-quarter earnings of $47.7 million, or $0.81
per diluted share, compared with a net loss of $8.3 million, or
$0.14 per share, a year earlier. Analysts polled by Thomson Reuters
expected 55 cents a share.
Fourth quarter sales fell $44.3 million, or 8%, to $545
million.
For the full-year, net income was $133.9 million, or $2.28 per
diluted share, compared to $135.2 million, or $2.24 per share a
year earlier. For 2010, the maker of engineered industrial products
said it sees earnings of between $2.15 and $2.35 a share.
On Monday, shares of Crane rose 1.1%, to $31.94 in the regular
session. The stock has almost doubled over the past year.
-By Jay Miller, Dow Jones Newswires; 212-416-2355;
jay.miller@dowjones.com