NEW YORK, April 20 (Reuters) – Diversified U.S. manufacturer Crane Co (CR.N) on Monday reported a drop in quarterly profit as the recession crimped demand for its products, which include fluid-handling systems and electronic controls.
The company posted first quarter profit of $23.3 million, or 40 cents per share. That compares with earnings of $48.4 million or 79 cents per share in the same period a year ago.
The company said first quarter sales decreased 18 percent to $123.7 million.
It also announced a legal settlement with Coachmen Industries (COHM.PK) related to a previously disclosed lawsuit over its fiberglass-reinforced plastic material. The company said first quarter income included an after-tax charge of $5 million, or 9 cents per share, related to the settlement.
Excluding the settlement, it said it would have earned $28.1 million, or 48 cents per share.
Crane said it also reaffirmed its previous 2009 outlook for earnings of $2.10 to $2.40 per share, excluding the impact of the settlement. (Reporting by Emily Chasan; Editing Bernard Orr)