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Crane CEO Discusses Q2 2011 Results - Earnings Call Transcript

Executives

Richard Koch - Director of Investor Relations

Eric Fast - President & Chief Executive Officer

Andrew Krawitt – Principal Financial Officer

Richard Maue – Principal Accounting Officer

Analysts

Deane Dray [James] – Citigroup

James Foung – Gabelli & Company

Ajay Kejriwal [Ben] – FBR Capital Markets

Mark Barbalato – Vertical Research

Ronald Epstein [Elizabeth] – BofA Merrill Lynch

Matt Summerville – KeyBanc

Robert Barry - UBS

Crane Co. ( CR ) Q2 2011 Earnings Call July 26, 2011 10:00 AM ET

Operator

Good day everyone, and welcome to the Crane’s second quarter 2011 earnings conference call. Today’s call is being recorded. At this time, I would like to turn the call over to the Director of Investor Relations, Dick Koch; please go ahead, sir.

Richard Koch

Thank you, operator, good morning everyone. Welcome to Crane’s second quarter 2011 earnings release conference call. I’m Dick Koch, Director of Investor Relations. On the call this morning, we have Eric Fast, our President and CEO, Andrew Krawitt, our Principal Financial Officer, and Richard Maue, our Principal Accounting Officer.

We will start off our call with a few prepared remarks, after which we will respond to questions. Just as a reminder, the comments we make on this call may include some forward-looking statements. We refer you to the cautionary language at the bottom of our earnings release and also in our Annual Report, 10-K and subsequent filings pertaining to forward-looking statements.

Also, during the call, we will be using some non-GAAP numbers, which are reconciled to the comparable GAAP numbers, in the table at the end of our press release, which is available on our website at www.craneco.com , in the Investor Relations section.

Now, let me turn the call over to Eric.

Eric Fast

Thank you, Dick. I’m pleased with our second quarter results, as strong revenue growth, and continued solid execution are sustaining the momentum that we carried into 2011. Sales grew 16% in the quarter, driven by a core sales increase of 10%. Operating profit increased 22% in the quarter, and operating margin was 12.4%.

For Crane, overall, sales, operating margins and earnings improved both on a year-over-year and sequential basis, increasing our confidence in the company’s prospects for the balance of 2011. Accordingly, we have raised our full-year sales, EPS, and cash flow guidance, and increased our quarterly dividend by 13%.

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