Tech supplier Crane ups forecast for 2021 core sales

Feb 26, 2021 Newsdesk Industry Talk, Latest News  

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Crane Co, a conglomerate supplying payment-processing technology and other services to consumer industries including the casino sector, said on Wednesday it was raising its full-year 2021 guidance for earnings per diluted share by US$0.10, to a range of US$4.95 to US$5.15. The revised guidance reflected a forecast of core sales growth of about 3 percent for the year, compared to the 2-percent growth flagged in the prior guidance.

The statement quoted Max Mitchell, Crane Co’s president and chief executive, as saying: “Through consistent investment in technology and strategic growth initiatives, as well our ongoing focus on driving productivity and operational improvement, Crane is extremely well positioned to outgrow its underlying end markets as we emerge from the Covid-related downturn.”

He added: “I believe that we are at an inflection point for accelerating growth both organically, and through inorganic capital allocation.”

In late January, Crane Co reported a full-year 2020, group-wide profit of US$181.0 million, up 35.8 percent year-on-year. Yearly net sales were down 10.5 percent year-on-year, at just under US$2.94 billion.

The company said at the time that, notwithstanding the Covid-19 pandemic, it would maintain its regular quarterly dividend for the first quarter of this year. It will amount to US$0.43 per share, and is payable on March 10.

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