Crane Co., parent company of Crane Composites, reported a fourth quarter 2016 GAAP net loss of $1.09 per share, compared to earnings of $1.11 per diluted share in the fourth quarter of 2015.
Fourth quarter 2016 results include an after-tax net asbestos provision of $125 million, or $2.13 per share, and fourth quarter 2015 results include net after-tax special items of $1 million, or $0.01 per share.
Fourth quarter 2016 sales were $681 million, approximately flat compared to the fourth quarter of 2015. Core sales increased $17 million, or 2.5 percent, mostly offset by a $16 million, or 2.4 percent, impact from unfavorable foreign exchange.
Crane’s Engineered Materials division reported a sales increase of $4 million, or 6 percent, driven by higher sales to the RV and building product markets.
“Engineered Materials is positioned for another year of strong margins with continued underlying strength in its primary end markets,” said Max Mitchell, Crane Co. president and chief executive officer.