- Email: [email protected]
USA Dover Corp, USA
COMPANY WATCH
Crane Co, USA
Dover Corp, USA
Key Figures (US$ million) Fourth quarter ended 31.12 2011
2010
Key Figures (US$ million) Fourth quarter ended 31.12 2011
631.6
574.0
Sales Of Which: Fluid Handling
2010
Revenue Of Which: Engineered Systems Of Which: Fluid Solutions
2004.5
1737.4
731.1
674.5
162.6
143.9
1247.1
1050.7
297.5
261.7
Operating Profit/(Loss) Of Which: Fluid Handling
(192.7)
53.7
38.8
29.3
Cost of Goods and Services
Net Income/(Loss)
(125.1)
39.4
Operating Earnings
295.3
259.6
278.3
198.3
2011
2010
Net Earnings Of Which: Engineered Systems
92.9
79.1
2545.9
2217.8
2003.2
1757.0
1154.1
1019.9
783.4
707.0
42.3
235.2
Bookings Of Which: Engineered Systems Of Which: Fluid Solutions
158.9
144.4
152.1
122.6
1262.5
154.2
Backlog Of Which: Engineered Systems Of Which: Fluid Solutions
1446.5
26.3
582.1
493.1
54.2
47.1
Year ended 31.12 Sales Of Which: Fluid Handling Operating Profit Of Which: Fluid Handling Net Income
Year ended 31.12 2011 Revenue Of Which: Engineered Systems Of Which: Fluid Solutions
COMMENT Crane Co’s Fluid Handling segment, home to Barnes, Burks, Crown, Deming, Prosser and Weinman pumps, saw fourth quarter 2011 sales increase US$35.8 million, or 13.7%. This included a core sales increase of US$29.9 million (11.4%), an increase in sales from the acquisition of WT Armatur (WTA) of US$4.8 million (1.9%), and favourable foreign currency translation of US$1.0 million (0.4%). The sales increase was broadbased across Fluid Handling and operating margin improved to 13%. Fluid Handling order backlog was US$314 million at
January 2012
31 December 2011, compared with US$329 million at 30 September 2011 and US$272 million at the end of December 2010. Crane’s overall group sales are expected to increase approximately 3–5% in 2012, driven by a core sales increase of 5–6%, incremental sales from the WTA acquisition of less than 1%, partially offset by unfavourable foreign exchange of approximately 2%. The company’s 2012 earnings guidance is US$3.75–3.95 per diluted share, reflecting revenue and profit growth across all segments. ■ www.craneco.com
2010
7950.1
6640.2
3100.7
2786.4
677.6
567.9
Cost of Goods and Services
4898.7
4023.6
Operating Earnings
1210.8
1009.3
Net Earnings Of Which: Engineered Systems
895.2
700.1
445.2
382.6
COMMENT With a solid fourth quarter, Dover Corp delivered a record setting 2011 in terms of revenue, earnings, earnings per share and bookings. Organic revenue growth in the fourth quarter of 6% was driven by broad-based strength in energy, handsets, fluids and industrial end-markets. Solid performances in the Energy, Communication Technologies
and Engineered Systems segments partially offset weakness in Printing & Identification and acquisition-related costs. During 2011 Dover realigned its businesses into a new segment structure to more closely match its targeted growth markets. The Pump Solutions Group is now part of Dover’s Engineered Systems Division. ■ www.dovercorporation.com
Pump Industry Analyst
7
Crane Co, USA
Dover Corp, USA
Key Figures (US$ million) Fourth quarter ended 31.12 2011
2010
Key Figures (US$ million) Fourth quarter ended 31.12 2011
631.6
574.0
Sales Of Which: Fluid Handling
2010
Revenue Of Which: Engineered Systems Of Which: Fluid Solutions
2004.5
1737.4
731.1
674.5
162.6
143.9
1247.1
1050.7
297.5
261.7
Operating Profit/(Loss) Of Which: Fluid Handling
(192.7)
53.7
38.8
29.3
Cost of Goods and Services
Net Income/(Loss)
(125.1)
39.4
Operating Earnings
295.3
259.6
278.3
198.3
2011
2010
Net Earnings Of Which: Engineered Systems
92.9
79.1
2545.9
2217.8
2003.2
1757.0
1154.1
1019.9
783.4
707.0
42.3
235.2
Bookings Of Which: Engineered Systems Of Which: Fluid Solutions
158.9
144.4
152.1
122.6
1262.5
154.2
Backlog Of Which: Engineered Systems Of Which: Fluid Solutions
1446.5
26.3
582.1
493.1
54.2
47.1
Year ended 31.12 Sales Of Which: Fluid Handling Operating Profit Of Which: Fluid Handling Net Income
Year ended 31.12 2011 Revenue Of Which: Engineered Systems Of Which: Fluid Solutions
COMMENT Crane Co’s Fluid Handling segment, home to Barnes, Burks, Crown, Deming, Prosser and Weinman pumps, saw fourth quarter 2011 sales increase US$35.8 million, or 13.7%. This included a core sales increase of US$29.9 million (11.4%), an increase in sales from the acquisition of WT Armatur (WTA) of US$4.8 million (1.9%), and favourable foreign currency translation of US$1.0 million (0.4%). The sales increase was broadbased across Fluid Handling and operating margin improved to 13%. Fluid Handling order backlog was US$314 million at
January 2012
31 December 2011, compared with US$329 million at 30 September 2011 and US$272 million at the end of December 2010. Crane’s overall group sales are expected to increase approximately 3–5% in 2012, driven by a core sales increase of 5–6%, incremental sales from the WTA acquisition of less than 1%, partially offset by unfavourable foreign exchange of approximately 2%. The company’s 2012 earnings guidance is US$3.75–3.95 per diluted share, reflecting revenue and profit growth across all segments. ■ www.craneco.com
2010
7950.1
6640.2
3100.7
2786.4
677.6
567.9
Cost of Goods and Services
4898.7
4023.6
Operating Earnings
1210.8
1009.3
Net Earnings Of Which: Engineered Systems
895.2
700.1
445.2
382.6
COMMENT With a solid fourth quarter, Dover Corp delivered a record setting 2011 in terms of revenue, earnings, earnings per share and bookings. Organic revenue growth in the fourth quarter of 6% was driven by broad-based strength in energy, handsets, fluids and industrial end-markets. Solid performances in the Energy, Communication Technologies
and Engineered Systems segments partially offset weakness in Printing & Identification and acquisition-related costs. During 2011 Dover realigned its businesses into a new segment structure to more closely match its targeted growth markets. The Pump Solutions Group is now part of Dover’s Engineered Systems Division. ■ www.dovercorporation.com
Pump Industry Analyst
7