STAMFORD, CONNECTICUT - July 27, 2015 - Crane Co., a diversified manufacturer of highly engineered industrial products, reported second quarter 2015 earnings of $0.95 per diluted share, compared to $1.00 per share in the second quarter of 2014. Excluding Special Items in both years, second quarter 2015 earnings per diluted share were $1.06, compared to $1.15 in the second quarter of 2014.
Second quarter 2015 sales were $711 million, a decrease of 5% compared to $750 million in the second quarter of 2014. The sales decline was comprised of a $39 million, or 5%, impact from unfavorable foreign exchange; and a divestiture impact of $4 million, or 1%; partially offset by positive core sales growth of $5 million, or 1%.
Operating profit in the second quarter was $90 million, down 8% compared to the second quarter of 2014. Excluding Special Items, second quarter operating profit was $99 million, down 10% compared to the second quarter of 2014.
Payment & Merchandising Technologies
Sales increased $2 million driven by core sales growth of $17 million, or 9%, partially offset by $13 million, or 7%, of unfavorable foreign exchange and a $2 million, or 1%, divestiture impact. Adjusted operating margins expanded 340 basis points to 15.0%, driven primarily by higher volume, acquisition synergies and productivity initiatives. View the full report here.
