Crane Co. has reported second quarter sales for 2018 were a record $851 million, an increase of 21 percent compared to $703 million in the second quarter of 2017. The sales increase was comprised of a $124 million, or 18 percent, benefit from acquisitions, core sales growth of $12 million, or 2 percent, and a $12 million, or 2 percent, benefit from favorable foreign exchange.
Operating profit in the second quarter was $113 million, an increase of 7 percent compared to $106 million in the second quarter of 2017. Excluding special items, operating profit in the second quarter was $126 million, an increase of 13 percent compared to $112 million in the second quarter of 2017.
The effective tax rate in the second quarter was 23.1 percent, down from 30.5 percent in the second quarter of 2017. Excluding special items, the effective tax rate in the second quarter was 23.9 percent, down from 30.4 percent in the second quarter of 2017. The lower tax rate in the second quarter of 2018 was a result of the 2017 Tax Cuts and Jobs Act. Crane said it expects a full year 2018 tax rate of approximately 22 percent.
“We delivered another quarter of strong operating results,” said Max Mitchell, Crane Co. president and CEO. “Most major end markets are performing as or better than expected, with solid demand across Aerospace & Electronics, Crane Payment Innovations, Crane Currency and Fluid Handling. We are also making continued progress across our various initiatives including previously announced repositioning activities and the integration of Crane Currency.”