US technologies firm Crane Co has reported a 21% year-on-year increase in sales to US$834 million and 82% increase in operating profit to US$138 million in 3Q21, driven by its Payment and Merchandising Technologies segment which provides payment technology to the global gaming industry.
According to the company’s 3Q21 earnings report, released early Tuesday (Asia time), sales in the Payment and Merchandising Technologies segment grew 32% year-on-year and 12% versus Q2 to US$366 million. Segment operating profit also increased by 71% year-on-year to US$44 million, although that was down from the US$78 million in profit the segment recorded in the June quarter.
Sales in Crane’s Process Flow Technologies segment increased 19% year-on-year to US$299 million and in Aerospace and Electronics by 7% to US$169 million.
Crane President and CEO Max Mitchell said the strong results had helped the company achieve record earnings per share in 3Q21.
“These results are a testament to the hard work and passion of our 11,000 global associates who drive the Crane culture for all stakeholders every day, and who successfully navigated through the myriad challenges of the last two years,” he said.
“Looking ahead, we see further broad-based strengthening across our primary end markets which is reflected in our 31% core year-over-year order growth and 13% core year-over-year backlog growth.
“In addition to our outstanding performance and near-term outlook, I continue to be very excited about the momentum we have with our ongoing investments in technology and our strategic growth initiatives, all of which are positioning Crane for long-term sustainable above-market growth.”
Crane said it has also raised the midpoint of its adjusted EPS guidance by US$0.35 to a range of $6.35-$6.45, reflecting an 80% year-over-year increase.
The company has declared a regular quarterly dividend of US$0.43 per share, payable on 8 December 2021.
