Fiberglass reinforced panels (frp) supplier Kemlite helped boost first quarter profit margins within the Engineered Materials division of its parent, Crane Co. of Stamford, Conn.
The first quarter operating profit at Crane’s engineered materials division increased 31% to $11 million, an improvement that was “driven by Kemlite’s increased shipments to the RV market,” according to Crane, a New York Stock Exchange-listed firm.
The engineered materials division’s order backlog also was 6% higher at $19.8 million as of March 31 because of the “strong performance of the company’s products in the RV marketplace.”
However, Crane management anticipates that operating results for its engineered materials segment for the remainder of this year will be flat because “improvements from the RV market are expected to offset the impacts from depressed transportation and chemical process markets.”
Kemlite panels are used for RV sidewalls.
Otherwise, Crane’s first quarter total net income declined 15% to $20.8 million and its sales slipped 2% lower to $371.5 million.