Crane Co., a diversified manufacturer of industrial products and parent company of Crane Composites, reported relatively flat earnings in the first quarter compared to the same period last year.
The company’s first quarter 2015 earnings of 87 cents per diluted share compared to 82 cents per share in the first quarter of 2014.
First quarter 2015 sales were $679 million, a decrease of 5 percent compared to $717 million in the first quarter of 2014. The sales decline was comprised of a $34 million, or 5 percent impact from unfavorable foreign exchange, a divestiture impact of $5 million, partially offset by slightly positive core sales growth of $1 million.
Operating profit in the first quarter increased to $86 million, up 6 percent compared to the first quarter of 2014.
“The quarter developed as we expected,” said Max Mitchell, Crane Co. president and CEO. “Depressed demand across Fluid Handling end markets was consistent with our year-end outlook, and we were particularly pleased with the improved organic growth at Payment & Merchandising Technologies.”