By Denny Jacob
Industrial products manufacturer Crane posted lower top and bottom line results in its latest quarter, its first as an independent company following its separation from Crane Holdings in April.
The Stamford, Conn.-based company logged net income attributable to common shareholders of $45.6 million, or 79 cents a share, for the second quarter ended June 30, down from $258.2 million, or $4.54 a share, a year earlier.
Sales declined to $509.6 million from $530.3 million. Analysts polled by FactSet expected $524.7 million.
President and Chief Executive Max Mitchell said near-term optimism is tempered somewhat by persistent supply chain challenges in its aerospace and defense end markets, as well as signs of expected slowing order activity in a handful of its industrial and process flow markets and geographies.
Mitchell also said Crane has about $1 billion in acquisition capacity and is actively exploring a number of small- and medium-sized bolt-on acquisitions across both of its strategic growth platforms.
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