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Article Excerpt
STAMFORD, Conn. -- Crane Co. (NYSE: CR), a diversified manufacturer of highly engineered industrial products, reported third quarter 2009 net income attributable to common shareholders of $35.1 million, or $0.60 per diluted share, compared to third quarter 2008 net income attributable to common shareholders of $36.1 million, or $0.60 per diluted share.
Third quarter 2009 sales of $551 million decreased $92.0 million, or 14%, which included a core sales decline of $100.5 million (15%) and unfavorable foreign currency translation of $17.8 million (3%), partially offset by an increase in sales from acquired businesses of $26.3 million (4%).
Order backlog was $682 million at September 30, 2009 compared to $697 million at June 30, 2009, and $779 million at September 30, 2008, representing declines of 2% and 12%, respectively.
Cash Flow and Financial Position
Cash provided by operating activities was $80.0 million in the third quarter of 2009, compared to $41.0 million in the third quarter of 2008, primarily reflecting lower operating working capital in 2009. Free cash flow (cash provided by operating activities less capital spending) for the third quarter of 2009 was $76.2 million, compared to $27.7 million in the prior year, reflecting higher cash provided from operations and lower capital spending. The Company's cash position was $304.9 million at September 30, 2009, up from $233.0 million...
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