Crane Co., a diversified manufacturer of industrial products, reported first quarter 2019 sales of $832 million, an increase of 4% compared to 2018, with a core sales growth of 6%.
The sales increase was comprised of $46 million, or 6%, from core growth and a $7 million, or 1%, benefit from net acquisitions, partially offset by $20 million, or 3%, of unfavorable foreign exchange.
Sales decreased $10 million, or 14%, driven primarily by lower sales to RV customers. Operating margin declined to 15.8%, from 17.8%, primarily reflecting lower volumes.
First quarter 2019 operating profit was $114 million, an increase of 21% compared to $94 million in the first quarter of 2018. Operating profit margin of 13.7% compared to 11.8% last year. Excluding Special Items, first quarter 2019 operating profit was $120 million, an increase of 12% compared to $107 million in the first quarter of 2018.
“We had a strong start to the year, with operating results slightly better than expected,” said Max Mitchell, Crane Co. president and CEO. “All of our businesses are performing well, and we continue to execute on our growth initiatives, as well as productivity and repositioning activities.”
Operating margin increased to 12.5%, compared to 10.5% last year, primarily reflecting productivity, operating leverage on higher volumes, and repositioning benefits.