• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Crane 3Q profit down 25pct, declares 4Q dividend

Oct 29, 2019 Newsdesk Industry Talk, Latest News  


Crane 3Q profit down 25pct, declares 4Q dividend

Crane Co, a United States-based industrial products conglomerate that sells payment processing technology to the financial sector including casinos, saw its third-quarter group profit fall 25.3 percent year on-year.

Such profit for the three months to September 30 was US$72.5 million, compared to US$97 million a year earlier.

Max Mitchell, Crane Co president and chief executive, said in prepared remarks issued in a press release on the quarterly figures: “Operationally, we delivered another solid quarter of results.”

But he added that at the group’s unit Crane Currency, sales and orders from the United States government for banknote printing “were well below our expectations”.

In other developments, Crane Co declared on Monday a dividend of US$0.39 per share for the fourth quarter of 2019. The dividend is payable on December 9 to shareholders of record as of the close of business on November 29.

In its third-quarter results, Crane Co said that in its payment and merchandising technologies segment – which includes cash handling technology for casinos – sales decreased by 23.9 percent year-on-year, i.e., by nearly US$79 million, to circa US$249 million, versus circa US$327 million in the prior-year period.

It stated there was 22 percent of “core decline” in that segment, and 2 percent of “unfavourable foreign exchange” as well as a US$2-million “impact from a divestiture”.

Profit margin fell 3.4 percentage points, to 14.1 percent, compared to 17.5 percent in the prior-year period.

Group-wide, quarterly sales were US$772.3 million, a decrease of 9.8 percent compared to the US$855.8 million achieved in the third quarter of 2018.

Crane Co said the group-sales decrease consisted of a US$69-million, or 8-percent, decline in core sales; and a US$12-million, or 1-percent, impact from unfavourable foreign exchange, as well as a US$2-million impact related to divestiture activity.

Excluding special items, third-quarter earnings per share were US$1.40 compared to US$1.62 in the third quarter of 2018.

CEO Mr Mitchell said in the press release that, in the light of issues including U.S. government banknote orders, the group was reducing its earnings per share guidance for full-year 2019 – excluding special items – to a range of US$5.90 to US6.10, from its prior forecast of US$6.25 to US$6.45.

“We remain very excited about the medium- and long-term demand profile for Crane Currency – both with the U.S. government, as well as with our international customers –and we see many opportunities for growth and profit improvement at this business,” stated the CEO.


  • tweet
Related articles
  • November AGEM Index up 28pct m-o-m, 17pct y-o-y
    November AGEM Index up 28pct...

    Dec 07, 2020  

  • Crane Co 3Q profit down 22 pct, pledges 4Q dividend
    Crane Co 3Q profit down 22 pct, pledges...

    Oct 27, 2020  

More news
  • Digital yuan eventually for Macau mass bets mulls Bernstein
    Digital yuan eventually for Macau mass...

    Jan 22, 2021  

  • Macau Covid-19 case no bar to mainland travel ties
    Macau Covid-19 case no bar to mainland...

    Jan 22, 2021  


Latest News

Digital yuan eventually for Macau mass bets mulls Bernstein

Digital yuan eventually for Macau mass bets mulls Bernstein

Jan 22, 2021  

Were China’s central government-backed digital yuan (CNY) to be adopted in Macau for casino chip transactions, it could in the long run benefit mass and premium-mass play, as cross-border money...
Read More
Macau Covid-19 case no bar to mainland travel ties

Macau Covid-19 case no bar to mainland travel ties

Jan 22, 2021  

Mohegan seeks govt nod to delay Inspire opening

Mohegan seeks govt nod to delay Inspire opening

Jan 22, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

"The entire company is eagerly anticipating the launch of our newest themed destination – The Londoner Macao"

Wilfred Wong Ying Wai

President of Macau-based casino operator Sands China



Most Popular

  • Sands China sixth Macau op to pledge staff extra paymentSands China sixth Macau op to pledge staff extra payment January 21, 2021
  • Londoner Macao first phase launch Feb 8 says Sands ChinaLondoner Macao first phase launch Feb 8 says Sands China January 21, 2021
  • Wynn and Melco also flag bonus for Macau staffWynn and Melco also flag bonus for Macau staff January 19, 2021
  • Investors see 2H Macau gain, rebound 2022: BernsteinInvestors see 2H Macau gain, rebound 2022: Bernstein January 19, 2021
  • Melco likely to take on more debt for expansion: Moody’sMelco likely to take on more debt for expansion: Moody’s January 20, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us