Crane 2nd-quarter net income jumps 44 percent; company raises earnings outlook for 2010

Crane 2Q net income rises 44 percent

STAMFORD, Conn. — Industrial manufacturer Crane Co. said Monday its second-quarter net income jumped 44 percent.

For April through June, Crane’s net income increased to $40 million, or 67 cents per share, from $27.8 billion, or 47 cents per share in the same period last year.

Results included a gain related to a lawsuit. Excluding that item, the company said net income was 66 cents per share.

Analysts surveyed by Thomson Reuters had forecast lower earnings of 59 cents per share.

Revenue edged up 1 percent to $552.8 million from $545.5 million in the year-ago quarter. Crane said this was the first time revenue had increased in eight quarters.

That’s better than the $543.1 million analysts had expected.

Crane noted that engineered materials sales rose 40 percent to $58.6 million in the quarter, in part as a result of stronger demand in recreational vehicles.

Revenue in its largest product group, fluid handling, slipped 3 percent to $254.6 million.

Crane boosted its net income outlook for the full year to $2.35 to $2.50 per share, up from its previously announced outlook of $2.15 to $2.35 per share.

Analysts are currently expecting earnings of $2.39 per share.