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Crane Co. Reports Robust Q2 Earnings

Posted On: 7/30/2010

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Crane Co., Crane Merchandising Systems, vending machine, payment systems, Automatic Productions, Dixie-Narco, Crane National Vendors, Cashcode, Streamware, automatic merchandising, vending machine manufacturer

STAMFORD, CT -- Crane Co. reported that its second-quarter earnings per diluted share increased to 67¢ from 47¢ in the comparable 2009 quarter, an increase of 41%. Excluding special items, earnings per undiluted share were 66¢ for the 2010 quarter compared with 50¢ in the prior-year period, a gain of 33%.

Second-quarter sales rose $7.3 million to $552.8 million, a gain of 1.3% over the second quarter of last year. This was the result of a core sales increase of 6.3%, or 1.2%, and favorable currency translation of $1.6 million, partially offset by a decrease in revenue from divestitures (net of acquisitions) that totaled $0.6 million.

Operating profit for the second quarter totaled $65.3 million, an increase of 44% over the $45.5 million tallied in the comparable 2009 period. Excluding special items, second-quarter 2010 operating profit increased 36% to $64.4 million, compared with $47.3 million in the second quarter 2009, and the operating profit margin for the 2010 quarter increased 300 basis points to 11.7%, compared with 8.7% in the second quarter last year.

Crane Merchandising Systems sales increased $1.2 million to $74.5 million, a gain of 2% for the current-year quarter compared with the second quarter of 2009. This reflected higher sales of vending solutions that more than offset a sales decline for payment solutions. Operating profit increased to $8.1 million, attributable primarily to the favorable impact of the final payment of a patent litigation settlement and the absence of prior-year restructuring charges. Profit margin for the quarter increased to 10.9% from 9.1% in the second quarter of 2009.