GGRAsia – Crane’s profit down 7 pct in Q2

Crane’s profit down 7 pct in Q2

Jul 28, 2015 Newsdesk Industry Talk, Latest News

U.S.-based Crane Co reported second quarter net income of US$55.8 million, down by 6.5 percent in comparison with the prior-year period.

Crane is a supplier of payment and merchandising technology to the gaming industry. The company also provides highly engineered industrial products to customers including companies in the aerospace, electronics, hydrocarbon processing, petrochemical, chemical, power generation, automated merchandising and transportation markets.

The New York Stock Exchange-listed firm posted earnings of US$0.95 per diluted share, compared to US$1.00 per share in the second quarter of 2014, it said in a filing on Monday.

Crane’s payment and merchandising technology division recorded sales of US$187 million during the second quarter of 2015, up by US$2 million in year-on-year terms. Operating profit for the period jumped by 36.8 percent in comparison with the prior-year period to US$26 million.

Adjusted operating margins for the payment and merchandising technology division expanded 340 basis points to 15.0 percent, according to Crane. The company said that was driven primarily by higher volume, productivity initiatives and “acquisition synergies” following the December 2013 acquisition of MEI Conlux Holdings Inc, a maker of automated payment systems.

Crane also announced a regular quarterly dividend of US$0.33 per share for the third quarter of 2015. The dividend is payable on September 9 to shareholders of record as of the close of business on August 31.