Crane Co., a diversified manufacturer of highly engineered industrial products, has reported second quarter 2019 sales of $842 million, a decrease of 1 percent compared to the second quarter of 2018. The sales decrease was comprised of $16 million, or 1.9 percent, of unfavorable foreign exchange and a $1.5 million, or 0.2 percent, impact from divestitures, partially offset by $8.1 million, or 1 percent, increase from core growth.
Second quarter 2019 operating profit was $123 million, an increase of 9 percent compared to $113 million in the second quarter of 2018. Operating profit margin was 14.6 percent compared to 13.3 percent last year. Excluding special items, second quarter 2019 operating profit was $132 million, an increase of 9 percent compared to $121 million in the second quarter of 2018. Excluding special items, operating profit margin of 15.6 percent compared to 14.2 percent last year.
“We had another strong quarter with operating results again slightly better than expected,” said Max Mitchell, Crane Co. president and CEO. “All of our businesses are executing well, and we continue to drive both growth and productivity initiatives across our businesses. … We are also firmly committed to, and are executing on, our longstanding strategy as a diversified manufacturer of highly engineered industrial products with proprietary technology, and deploying the Crane Business System as a competitive differentiator.”
Crane, parent company of Crane Composites, which builds sidewalls for the RV industry, reported that engineered material sales decreased $7 million, or 11 percent, driven primarily by lower sales to RV customers. Operating margin declined to 13.5 percent, from 17.9 percent, primarily reflecting lower volumes.