Vending And Payment Sales Climb 2% In Crane Co.'s Third Quarter

Posted On: 10/24/2017

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STAMFORD, CT -- Crane Co., a diversified manufacturer of highly engineered industrial products, reported third quarter 2017 earnings of $1.13 per diluted share, compared with $1.07 per share in the third quarter of 2016.

Third quarter 2017 sales were $696 million, up slightly from $694 million in 2016. Core sales declined $10 million, or 1.5%, approximately offset by a $7 million net acquisition benefit and $5 million of favorable foreign exchange.

The company's business segments are Fluid Handling, Aerospace/Electronics, Engineered Materials and Payment & Merchandising Technologies, which comprises Crane Payment Innovations and Crane Merchandising Systems.

In the Payment & Merchandising Technologies segment, sales increased $2 million, or 1%, driven by $3 million, or 2%, of core growth, partially offset by slightly unfavorable foreign exchange and a small net acquisition/divestiture impact. Operating margin expanded 340 basis points to 22.0%, driven primarily by productivity, higher core sales, and favorable mix.

Companywide, operating profit in the third quarter was $105 million, up 2% versus $104 million in the comparable 2016 period. Excluding special items, operating profit was $106 million in the third quarter of 2017, up 2% year over year.

"We delivered another solid quarter. End market demand remains in line with our expectations, and we benefited in the quarter from continued execution on our growth and productivity initiatives, as well as a lower tax rate," stated Crane Co. president and chief executive Max Mitchell. "With only one quarter left in 2017 and based on our performance to date, we are raising our adjusted EPS guidance range to $4.45 to $4.55."

Click here to see Crane Co.'s second-quarter income statement data.