Stamford, Conn.-based Crane Co. reported higher net income and slightly improved sales for its second quarter, ended June 30.
The highly diversified manufacturer reported that net income for the quarter grew to $59 million from $45.7 million a year ago while sales were up 5% to $693.5 million.
For the six-month period, the company’s net income improved to $107.4 million from $89.4 million the previous year. Sales for the first half rose to $1.4 billion compared with $1.3 billion.
Reuters reported that Crane told investors its 2008 earnings would be at the low end of its previous forecast, citing deteriorating demand from makers of large recreational vehicles for its engineered products.
“It’s been much worse than we anticipated, particularly in RVs,” Chief Executive Eric Fast told investors on a conference call. “We clearly did not anticipate the size of this decline.”
Crane Co.’s RV interests include suppliers Noble Composites Inc. and Crane Composites Inc.