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Issue Date: Vol. 50, No. 11, November 2010, Posted On: 11/8/2010

Vending Machine Sales Boost Crane Co.'s Q3

by Staff Reporter
Crane Co., Crane Merchandising Systems, vending, vending machine manufacturer, vender, vending industry, Eric Fast, automatic retailing, National Vendors, cashless vending, payment systems, Dixie-Narco, Automatic Products, GPL, Stentorfield, Crane Payment Solutions, CashCode, National Rejectors Inc., NRI), Telequip Corp.

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.

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