Second-quarter net income increased more than ninefold year-on-year at Crane Co, a provider of products and services to sectors including cash handling in the casino industry.
Group net income was US$138.3 million for the three months to June 30, versus US$14.8 million in the prior-year quarter, Crane Co said in a Monday filing in the United States. Crane’s results for the second quarter of 2020 had been negatively impacted by factors linked to the Covid-19 pandemic, said the firm at the time.
Quarterly net sales for payment and merchandising technologies – including casino cash handling – rose 32.6 percent in the second quarter of 2021, to US$328.2 million, from US$247.6 million in the prior-year quarter.
Operating profit in that segment rose dramatically, to US$77.9 million from US$2.0 million.
The group confirmed a regular quarterly dividend for the third quarter – amounting to US$0.43 per share – on the day it announced its second quarter results.
The dividend is payable on September 8, to shareholders of record as of the close of business on August 31.
Max Mitchell, Crane Co president and chief executive, stated in prepared remarks with the results: “We delivered another quarter of exceptionally strong results with record adjusted operating margins of 17.6 percent and record adjusted earnings per share.”
He added: “All three of our strategic growth platforms continue to perform extremely well…”
The group’s main business segments aside from payment and merchandising technologies, are aerospace and electronics, and process flow technologies.
Crane Co’s total debt was US$858 million at June 30, compared to nearly US$1.22 billion at December 31.
On May 24, the group announced that it had signed an agreement to sell its engineered materials segment for US$360 million, and that it would be presented as discontinued operations beginning from the second quarter.
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Amount that each Macau casino operator paid for the circa six-month extension of their respective contract