Crane Co. Reports First-Quarter Results For 2017; Payments & Merchandising Sales Increase 14%

Posted On: 4/25/2017

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TAGS: Crane Co., Crane Co. first-quarter 2017, Crane Payment & Merchandising Technologies, Crane Payment Innovations, vending, Crane Merchandising Systems, Max Mitchell

First Quarter 2017 Highlights:
Earnings per diluted share (EPS) of $1.05 increased 13%, compared with $0.93 in 2016.
Sales of $673 million increased 2% compared to 2016, with core growth of 4%.
Raising 2017 EPS guidance to a range of $4.35-$4.55 vs. prior range of $4.30-$4.55.

STAMFORD, CT -- Crane Co., which describes itself as a diversified manufacturer of highly engineered industrial products, reported first-quarter 2017 earnings of $1.05 per diluted share, compared with $0.93 a share in the first quarter of 2016.

First quarter 2017 sales were $673 million, up 2%, compared with $660 million in 2016. Core sales increased $28 million, or 4%, partially offset by a $12 million, or 2%, impact from unfavorable foreign exchange, and a small divestiture impact.

In Crane's Payment & Merchandising Technologies segment, sales increased $24 million, or 14%, driven by $32 million, or 18%, of core growth, partially offset by a $6 million, or -3%, impact from unfavorable foreign exchange and a $2 million, or -1%, divestiture impact. Operating margin expanded 370 basis points to 20%, driven primarily by the higher core sales and productivity. Payments & Merchandising is one of four industrial segments in the Crane Co. family of companies; its two units are Crane Payment Innovations and Crane Merchandising Systems.

"We are pleased with our strong start to the year, with first quarter operating results that were slightly better than anticipated," said Crane Co. president and chief executive Max Mitchell. "End-market demand is generally as expected, and we continue to drive productivity, with strong execution evident across our businesses. We are also making consistent progress on growth initiatives throughout the organization. Our performance in the first quarter gives us the confidence to raise the low end of our EPS guidance range by $0.05, and we now expect full year EPS of $4.35-$4.55."

Click here to see Crane Co.'s full Q2 report and financial tables.