Multi-industry supplier Crane Co. reported a slight profit dip in the first quarter of 2016, according to the company’s quarterly financial data.
Sales of engineered materials dropped $1 million compared to the first quarter of 2015, after the company’s sales to RV and transportation markets took a hit in the quarter, according to the release. Operating margin in the category declined 40 basis points to 20.1 percent, reflecting lower volumes and competitive pricing, the company said.
Overall, the company’s first quarter operating profit was $85.5 million, down 1 percent from the first quarter of 2015. Crane’s $660 million in sales during the recent quarter, dropped 3 percent compared to the first quarter of 2015.
Crane officials said they had expected the dip, crediting the majority of the drop to unfavorable exchange rates and the sales dip.
“Our operating results in the first quarter were in line with our expectations,” Crane Co. President and CEO Max Mitchell said. “While fluid handling sales and orders remain depressed, market conditions and our margin performance were consistent with the outlook we provided earlier this year.”