Net income at Crane Co, a provider of products and services to sectors including cash handling in the casino industry, rose 72.6 percent year-on-year in the first quarter, on net sales that increased 4.5 percent for the period.
Such net income was US$108.4 million versus US$62.8 million in the first three months of 2020. Net income per share for the first quarter this year was US$1.84, versus US$1.05 per share a year earlier.
First-quarter net sales amounted to US$833.5 million, compared to US$797.9 million a year earlier.
First-quarter 2021 operating profit was US$146.4 million, compared to US$88.6 million in the first quarter of 2020. Operating profit margin was 17.6 percent, compared to 11.1 percent last year, with the improvement “driven primarily by benefits of 2020 cost actions, productivity, and continued strong performance at Crane Currency,” said the firm.
In payment and merchandising technologies, including services for casino operators, Crane saw first-quarter net sales rise 13.5 percent year-on-year, to US$337.5 million, from US$297.4 million. Operating profit in the segment increased approximately 225.4 percent from a year earlier, to US$85.9 million.
Max Mitchell, the group’s president and chief operating officer, noted in prepared remarks issued with the results on Monday: “We delivered exceptionally strong results in the first quarter,” across “three global strategic growth platforms”.
The group is involved in payment and merchandising technologies; aerospace and electronics; and engineered materials and fluid handling services.
Mr Mitchell was cited as saying: “Across all of our businesses and end markets, while uncertainty still exists, we continue to see strengthening underlying trends.”
Crane Co also confirmed that it would maintain its regular quarterly dividend for the second quarter of this year.
It will amount to US$0.43 per share, and is payable on June 9 to shareholders of record as of the close of business on May 28.
