U.S.-based Crane Co on Monday reported a 1.5-percent increase in net income for the three months ended June 30 compared with a year earlier. The company is a supplier of payment and merchandising technology to the gaming industry.
New York Stock Exchange-listed Crane posted net income of US$69.2 million for the second quarter of 2017, compared to US$68.2 million in the prior-year period.
The increase in profit was despite a 1.4-percent decline in total net sales in the reporting period, to US$702.5 million, the company said in a press release.
Operating profit in the April to June period increased by 6.2 percent year-on-year, to US$109 million.
“We reported another quarter of strong operating results, and achieved record-high operating margins,” said Crane president and chief executive, Max Mitchell, in a statement.
He added: “End-market demand remains in line with our expectations, and we are continuing to drive margin improvement with productivity and solid execution.”
Gaming is just one of the segments served by Crane. The company also provides high-specification engineered industrial products to customers in the aerospace, electronics, hydrocarbon processing, petrochemical, chemical, power generation, automated merchandising, transportation and other markets.
The firm’s payment and merchandising technology division – which supplies products to clients in the casino industry – recorded sales of US$198 million for the three months ended June 30, up 2.6 percent in year-on-year terms. The segment recorded operating profit of US$43 million for the period, up by 26.5 percent from the prior-year period.
During the second quarter, Crane completed the acquisition of two companies for a total consideration of US$58 million. The company acquired Switzerland-based Microtronic AG, for cash consideration of approximately US$18 million. Microtronic develops and manufactures electronic payment systems, which Crane said it would help its portfolio of cashless payment solutions.
Crane also acquired Westlock Controls Corp – a firm that manufacturers and sells switchboxes, position transmitters and other equipment for networking, monitoring and controlling process valves – for a cash consideration of US$40 million.
Crane also announced on Monday its regular quarterly dividend of US$0.33 per share for the third quarter of 2017. The dividend is payable on September 8 to shareholders of record as of the close of business on August 31.
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Aggregate gross gaming revenue generated by the Philippines casino industry in the second quarter of 2017