GGRAsia – Tech supplier Crane sees profit double in 3Q

Tech supplier Crane sees profit double in 3Q

Oct 27, 2015 Newsdesk Industry Talk, Latest News

U.S.-based Crane Co reported third quarter net income of US$56.9 million, up by 102.5 percent in comparison with the prior-year period. But the firm’s payment and merchandising technology division – featuring the casino industry among its clients – recorded a year-on-year sales decrease of 6 percent.

The New York Stock Exchange-listed firm posted earnings of US$0.97 per diluted share, compared to US$0.47 per share in the third quarter of 2014, 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, petrochemical, chemical, power generation, automated merchandising and transportation markets.

Crane’s payment and merchandising technology division recorded sales of US$171 million during the third quarter of 2015, down by US$10 million in year-on-year terms. Operating profit for the segment stood flat at US$25 million.

Adjusted operating margins for the payment and merchandising technology division expanded 90 basis points to 14.8 percent, according to Crane.

The firm also announced a regular quarterly dividend of US$0.33 per share for the fourth quarter of 2015. The dividend is payable on December 9 to shareholders of record as of the close of business on November 30.