U.S.-based Crane Co on Monday reported a 7.6-percent increase in net income for the three months ended March 31 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$55.0 million for the first quarter of 2016, or US$0.93 per diluted share, compared to US$51.1 million, or US$0.87 per share, in the first quarter of 2015.
Crane reported net sales of US$660 million for the period, down 2.8 percent compared to the prior-year period. The firm said factors in the decline of sales were a US$13-million impact due to unfavourable foreign currency exchange conditions, and a decline of US$6 million in core sales.
Operating profit in the first quarter decreased to US$85.5 million, compared to US$86.0 million in the first three months of 2015.
“Our operating results in the first quarter were in line with our expectations,” said Crane president and chief executive, Max Mitchell, in a statement accompanying the results.
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$172 million for the three months ended March 31. The segment recorded operating profit of US$28 million for the period, up by 32 percent from the prior-year period.
The company reaffirmed its 2016 earnings guidance to a range of US$3.85 to US$4.15 per diluted share. It said it expected “sales” for 2016 of approximately US$2.7 billion.
Crane also announced on Monday its regular quarterly dividend of US$0.33 per share for the second quarter of 2016. The dividend is payable on June 10 to shareholders of record as of the close of business on May 31.
Sep 19, 2018Nowadays, millennials, people who were born in the 1980s or...
Aug 16, 2018Food and drink have been heavily marketed as part of Macau...
Jun 27, 2018Macau’s gaming law needs to be amended in order to...
Nov 16, 2018Bringing e-Sports or virtual reality (VR) games into casinos is a “meaningful” experiment in diversification for casino operators, even in the Macau context, where the city’s casinos are...
Nov 16, 2018
"I am not going to speculate on what the [casino licence refreshment] tender requirements would be. I have full confidence and faith in the Macau government to treat everyone fairly"
Wilfred Wong Ying Wai
President and chief operating officer of Macau-based casino operator Sands China