US technologies firm Crane Co has reported a 377% increase in operating profit for the three months to 30 June 2021, led by its Payment and Merchandising Technologies segment which provides payment technology to the global gaming industry.
According to the company’s 2Q21 results announcement early Tuesday morning (Asia time), operating profit increased from US$29 million in the same period last year to US$137 million with profit in the Payment and Merchandising Technologies segment up from just US$2 million to US$78 million.
Likewise, segment net sales increased 33% to US$328 million, pushing the group’s total net sales to US$796 million, a 24% improvement.
Crane Co President and CEO Max Mitchell said, “We delivered another quarter of exceptionally strong results with record adjusted operating margins of 17.6% and record adjusted EPS.
“All three of our strategic growth platforms continue to perform extremely well, and we continue to see strengthening underlying trends in our primary end markets as reflected in our core year-over-year order growth of 45% and core year-over-year backlog growth of 7%.”
“Considering our strong performance in the second quarter and our outlook for the balance of the year, we are raising our adjusted EPS from continuing operations guidance by US$0.30 to a range of US$5.95 to US$6.15 reflecting an approximate 70% year-over-year increase.
“We are also continuing our substantial investments in technology and strategic growth initiatives positioning us for continued outgrowth through the post-COVID recovery, and we expect strong operating leverage given our consistently solid execution. I am confident that we remain on a path to generate substantial and sustainable value for all of our stakeholders by continuing to drive above-market growth, paired with ongoing active portfolio management.”