News for Crane Company
Dec 17 · 11:23:00 AM · Source: Company News
Crane Co. announced today it has sold General Technology Corporation, a subsidiary of Crane Co., to IEC Electronics Corp. for $14.2 million. GTC, also known as Crane Electronic Manufacturing Services, has revenue of approximately $25 million. Crane Co. expects to record a tax benefit of approximately $0.09 per share resulting from this divestiture. This benefit was not included in the Company’s earnings guidance issued on October 26, 2009, of GAAP EPS for the full year 2009 of $1.90-$2.05.
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by Larry Etter
Oct 26 · 7:56:00 PM · Source: Company News
Crane Co., a diversified manufacturer of highly engineered industrial products, reported third quarter 2009 net income attributable to common shareholders of $35.1 million, or $0.60 per diluted share, compared to third quarter 2008 net income attributable to common shareholders of $36.1 million, or $0.60 per diluted share.
Third quarter 2009 sales of $551 million decreased $92.0 million, or 14%, which included a core sales decline of $100.5 million (15%) and unfavorable foreign currency translation of $17.8 million (3%), partially offset by an increase in sales from acquired businesses of $26.3 million (4%).
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by Larry Etter
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