Diversified manufacturer Crane Co. said Monday that its first-quarter earnings rose, mainly due to higher fluid handling and merchandising systems revenues.
For the quarter that ended March 31, Crane earned $48.4 million, or 79 cents per share, compared with $43.6 million, or 71 cents per share, in the year-ago quarter.
Crane's revenue rose year over year to $678.9 million from $628.2 million.
Analysts polled by Thomson Financial expected a profit of 75 cents per share on $687.4 million in revenue.
The company's fluid handling revenue rose $25.5 million to $288.5 million, helped by both increased sales and the favorable impact of foreign currency translation. Merchandising systems revenue grew $16.1 million to $113.5 million, aided by rising vending solutions sales and ongoing demand for payment solutions.
Crane said its aerospace and electronics revenue rose $10.1 million to $158.5 million, while its engineered materials revenue fell $5 million to $82.8 million.
Crane shares rose 51 cents to $44 in after-hours trading, after finishing regular trading up 63 cents at $43.49.
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