STAMFORD, CT -- Industrial products and vending machine maker Crane Co. said that its third-quarter net income rose as sales improved, and it raised its full-year outlook. Third-quarter earnings per diluted share increased 17% to 70¢, up from 60¢ in the comparable quarter of 2009.
Crane's automatic merchandising division reported sales of $77.2 million, a 2% increase over 2009's third-quarter sales, primarily due to higher vending machine sales. The vending division's operating profit of $6.3 million was down $0.7 million, or 9%, as the prior year included one-time positive items of a legal settlement and reduction of a liability estimate associated with the company's restructuring program.
Crane's other industrial divisions include aerospace and electronics, engineered materials, fluid handling and controls.
The company's third-quarter sales across all divisions climbed $10 million, or 1.8%, to $560.7 million over the prior year's quarter. Third-quarter operating profit increased 13% to $62.9 million, compared with $55.5 million for the same period last year.
Crane Co. chief executive Eric C. Fast said the results represent the company's second-consecutive quarter of year-over-year revenue growth, and expressed optimism that the trend is "an indication that our businesses are continuing to recover, albeit at a modest rate."
Anticipating the momentum to continue in the fourth quarter, Crane raised its full-year earnings per-share guidance to a range of $2.50 -$2.60 per diluted share.
Crane Merchandising Systems is composed of Crane Vending Solutions, which manufactures National Vendors, Dixie-Narco, Automatic Products, GPL and Stentorfield machine brands. It also includes Crane's Streamware business unit, which develops and markets machine management software. Crane Payment Solutions is an alliance of Crane-owned companies CashCode, National Rejectors Inc. GmbH (NRI) and Telequip Corp., which market currency systems to the vending, retail and transportation industries worldwide.