GGRAsia – Tech supplier Crane posts 12pct profit increase in 3Q

Tech supplier Crane posts 12pct profit increase in 3Q

Oct 25, 2016 Newsdesk Industry Talk, Latest News

U.S.-based Crane Co reported third quarter net income of US$63.5 million, up by 11.6 percent in comparison with the prior-year period. The firm’s payment and merchandising technology division – which sells products to the casino industry – recorded a year-on-year sales increase of 9.4 percent.

The New York Stock Exchange-listed firm posted earnings of US$1.07 per diluted share, compared to US$0.97 per share in the third quarter of 2015, it said in a filing on Monday.

Crane is a supplier of payment and merchandising technology to the gaming industry. The company also provides highly engineered industrial products to customers including companies in the aerospace, electronics, hydrocarbon processing, petrochemicals, chemicals, power generation, automated merchandising and transportation markets.

Crane’s payment and merchandising technology division recorded sales of US$187 million during the third quarter of 2016, up by US$16 million in year-on-year terms. Operating profit for the segment increased 40 percent in year-on-year terms to US$35 million.

Adjusted operating margins for the payment and merchandising technology division expanded 380 basis points to 18.6 percent, according to Crane.

“We were particularly pleased with our growth and margin performance at payment and merchandising technologies, with solid end market demand and progress on productivity supporting continued momentum into 2017,” Crane’s president, Max Mitchell, said in a prepared statement accompanying the results announcement.

The firm also announced a regular quarterly dividend of US$0.33 per share for the fourth quarter of 2016. The dividend is payable on December 9 to shareholders of record as of the close of business on November 30.