Crane Increases Dividend By 15%

Crane Co. (CR: 34.86 +1.72%) announced today that the company is increasing their quarterly dividend by 15% to $.23 per share.

 

The dividend increase will push the yield on CR shares to 2.6% based on today’s closing price.

 

The dividend announcement comes as Crane reported better than expected second quarter results. Excluding special items, operating profit jumped 36% and the company increased their fully year guidance numbers.

 

“I am very pleased with our second quarter results. Revenues increased on a year-over-year basis for the first time in eight quarters, with each of our business segments having favorable operating profit and margin comparisons to the second quarter of 2009,” said Crane Co. president and chief executive officer, Eric C. Fast. “Based on our solid first half performance and confidence in the future, we are raising our 2010 earnings per share guidance to a range of $2.35-$2.50 per diluted share compared to our prior guidance of the high end of $2.15-$2.35 and increasing the quarterly dividend by 15%, or $0.03 per share, to $0.23 per share.”

 

The dividend will be payable on September 10, 2010 to shareholders of record as of August 31, 2010.

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