Crane Co flags improved 4Q results, pays regular dividend

Jan 25, 2022 Newsdesk Industry Talk, Latest News, Top of the deck, World  

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United States-listed Crane Co, a  conglomerate that supplies payment and merchandising technology to the gaming industry, announced on Monday a regular quarterly dividend of US$0.47 per share for the first three months of 2022, after issuing improved fourth-quarter and full-year 2021 results.

The dividend is payable on March 9, to shareholders of record as of the close of business on February 28.

In the fourth quarter 2021 to December 31, net income for controlling shareholders rose 54.1 percent year-on-year, to US$72.1 million.

Full-year net income for controlling shareholders rose 140.6 percent year-on-year, to US$435.4 million, from US$181.0 million in 2020.

Fourth-quarter 2021 net sales in the payment and merchandising segment – including casino cash handling – rose 11.0 percent year-on-year, to US$313.7 million, from US$282.6 million.

Quarterly operating profit in the segment rose 89.6 percent year-on-year, to US$60.1 million, from US$31.7 million in the fourth quarter of 2020

Crane Co is also involved in aerospace and electronics, and process flow technologies.

Max Mitchell, Crane Co’s president and chief executive was cited in a press release issued at the same time as the fourth-quarter and full-year results, as saying, with reference to the ongoing Covid-19 pandemic: “Looking to 2022, our performance momentum continues, and we are confident in the strength of our three growth platforms and our demonstrated ability to successfully deliver strong results in the current environment.”

Mr Mitchell added: “Despite continued uncertainty related to Covid and other operating conditions, we are introducing initial 2022 adjusted earnings per share from continuing operations guidance of US$7.00 to US$7.40, reflecting 10 percent growth at the midpoint compared to our record 2021 earnings.”

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