U.S.-based Crane Co posted third quarter net income of US$68.2 million, up by 7.4 percent from the prior-year period. The company reported total net sales of US$695.9 million for the period, a slight increase compared to US$694.2 million in the third quarter of 2016.
Operating profit in the third quarter was US$105.4 million, up 1.5 percent compared to US$103.8 million in 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 1.0 percent.
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$188.6 million in the three months to September 30, up by nearly US$2 million in year-on-year terms. Operating profit for the segment increased 19 percent year-on-year to US$41 million.
Growth in the segment was “partially offset by slightly unfavourable foreign exchange and a small net acquisition/divestiture impact,” the firm said in its Monday earnings release. Operating margin for the payment and merchandising technology division expanded 340 basis points to 22 percent, according to Crane.
“We delivered another solid quarter. End market demand remains in line with our expectations, and we benefited in the quarter from continued execution on our growth and productivity initiatives, as well as a lower tax rate,” said Crane’s president and chief executive, Max Mitchell, in a prepared statement accompanying the results announcement.
On Monday, the company said it was raising its 2017 earnings guidance, based on its performance in the first nine months of the year. Crane said it now expects full-year earnings – under U.S. generally accepted accounting principles (GAAP) – to be in a range of US$4.41 to US$4.51 per diluted share, compared to its prior guidance range of US$4.31 to US$4.51.
The firm also announced a regular quarterly dividend of US$0.33 per share for the fourth quarter of 2017. The dividend is payable on December 8 to shareholders of record as of the close of business on November 30.
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