STAMFORD, Conn. (AP) -- Shares of diversified manufacturer Crane Co. fell nearly 6 percent on Tuesday, a day after it reported first-quarter net income that missed analyst expectations, hurt by weak results in its engineered materials and merchandising systems divisions.
The company, founded in 1855, makes industrial products for a wide range of industries from aerospace to power generation and transportation.
After the market closed on Monday, Crane said net income for the three months ended March 31 rose nearly 7 percent to $51.7 million, or 88 cents per share, from $48.5 million, or 81 cents per share, last year. That missed analyst expectations of 91 cents per share, according to FactSet.
Revenue rose 8 percent to $657.9 million from $611 million last year. Analysts expected revenue of $647.4 million.
Revenue from the company's fluid handling division — Crane's largest — rose 14 percent to $301.9 million, and aerospace and electronics revenue rose 8 percent to $175.2 million.
But engineered materials revenue fell 6 percent to $58.2 million, hurt by lower demand from transportation and recreational vehicle customers. And revenue from merchandising systems fell 8 percent due to lower sales of its payment solutions and vending products.
The company reiterated guidance of 2012 net income between $3.75 and $3.95 per share on a 3 percent to 5 percent sales increase. Analysts expect net income of $3.91 per share and revenue of $2.67 billion, implying growth of 4.7 percent over 2011 revenue of $2.55 billion.
Shares fell $2.94, or 6.3 percent to $44.05 during midday trading. The stock has declined nearly 6 percent since the beginning of the year.
