Crane Co, a maker of automated payment systems including technology for the casino industry, said operating profit increased by nearly 10 percent year-on-year to US$97.6 million in the second quarter of 2014, compared to US$88.8 million a year earlier.
Excluding special items, second quarter operating profit increased nearly 15 percent to US$109.9 million, compared to US$95.7 million in the second quarter of 2013.
Special items included transaction-related costs of US$7.3 million, equal in value to US$0.13 per share, related to the acquisition of cash handling equipment manufacturer MEI Group, the company said. Other special items were US$9.3 million in after-tax charges, equal in value to US$0.15 per share.
Sales across all Crane’s business segments were US$750 million for the period, up nearly 16 percent compared to the same period in 2013, though core sales increase by a more modest 0.1 percent
“We are pleased to report second quarter EPS [earnings per share] of US$1.15, excluding special items,” said Crane president and chief executive Max Mitchell.
“The MEI integration and previously announced repositioning activities are progressing smoothly and position us for solid earnings growth in 2015 and 2016,” added the CEO.
Crane acquired MEI, a maker of cash handling equipment with casino applications including bill validators and cash count technology, in December. MEI claims one of the world’s largest installed bases of unattended payment systems, handling over 2 billion transactions per week in more than 120 countries.
MEI and Crane Payment Solutions came together to form Crane Payment Innovations (CPI). The former MEI headquarters in Malvern, Pennsylvania, in the United States, has become the new headquarters of CPI, with sales offices and manufacturing facilities worldwide.
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