Crane Co. reported a second-quarter profit for its Crane Composites subsidiary.
Crane Composites manufactures fiber-reinforced plastic (FRP) composite materials supplied to RV OEMs.
Crane Co. reported Crane Composites’ engineered materials division recorded $53 million in second-quarter sales. The total was down 8% from the $57 million recorded in the second quarter of 2023.
Crane Composites registered an operating profit of $7 million in the second quarter, down 26% from the second quarter of 2023. Although the division remained profitable, its operating profit margin slumped from 17.1% in the second quarter of 2023 to 13.9% in the second quarter of 2024.
Crane Co. said the operating profit margin change primarily was driven by lower volumes.
