STAMFORD, CT -- Crane Co. posted better-than-expected first-quarter profit of $33.2 million, or 56¢ a share, up from $23.3 million, or 40¢ a share, a year earlier. Revenue in the first quarter of 2010 fell 4% to $530.3 million. Crane, a diversified manufacturer of engineered industrial products, including vending machines and payment systems, said this represented the smallest year-over-year decline since the third quarter of 2008.
Sales at the industrial company's vending unit, Crane Merchandising Systems, fell to $70.2 million, a decrease of $1.5 million or 2%, reflecting flat sales in vending equipment and a small decline in payment systems. Operating profit increased, driven by lower costs resulting from the consolidation of the company's North American vending machine production from St. Louis, MO, to its Williston, SC, facility.
CMS 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 markets worldwide.
First-quarter sales were down across Crane's aerospace and electronics, fluid handling and controls businesses during the first quarter. Its top-performing segment was engineered materials, with sales of $53.8 million, representing a 41% increase over the first quarter of 2009.
Crane Co. chief Eric C. Fast said the company expects 2010 earnings to reach the high end of its previously provided guidance range of $2.15 to $2.35.
Magazine Names Crane Co. 2010 CiCi Winner
WILLISTON, SC -- Trade & Industry Development, a monthly business journal, named Crane Co. a winner of its 2010 Corporate Investment & Community Impact (CiCi) Award.
Crane Co. announced 1,000 new jobs and a $20 million, five-year investment in South Carolina's Barnwell County last year as it consolidated its North American vending machine production, moving operations from St. Louis, MO, to its Dixie-Narco facility in Williston, SC.
Crane Co., an American industrial products company headquartered in Stamford, CT, is the nation's largest manufacturer of vending machines. Its Crane Merchandising Systems division produces several machine brands, including National Vendors, GPL and Automatic Products. It acquired Dixie-Narco, a maker of packaged cold drink venders, From Whirlpool Corp. in November 2006 for $46 million. See story here.