Crane Co Reports Q3 Results Payments And Vending Sales Decline 6

» Excluding Special Items, earnings per diluted share (EPS) of $1.03 decreased 8%, compared with 2014 (GAAP EPS of $0.97, compared with $0.47 in 2014)

» Sales of $670 million declined 8%, compared with 2014, driven by unfavorable foreign exchange of 5%, and a core sales decline of 3%

» Narrowing 2015 EPS guidance range to $4.10-$4.20, from $4.10-$4.30, excluding Special Items (revised GAAP EPS guidance of $3.87-$3.97)

STAMFORD, CT -- Crane Co., a diversified manufacturer of highly engineered industrial products, including vending machines and payment systems, reported third-quarter 2015 earnings of $0.97 per diluted share, compared with $0.47 per share in the third quarter of 2014. Excluding special items in both years, third-quarter 2015 earnings per diluted share were $1.03, compared with $1.12 in the third quarter of 2014.

Third-quarter 2015 sales across all segments (Fluid Handling, Payment & Merchandising Technologies, Engineered Materials and Aerospace & Electronics) were $670 million, a decrease of 8%, compared with $727 million in the third quarter of 2014. The sales decline was comprised of a $36 million, or 5%, impact from unfavorable foreign exchange; a core sales decline of $19 million, or 3%; and a divestiture impact of $2 million.

Operating profit in the third quarter was $93 million, up 95%, compared with the third quarter of 2014. Excluding special items, third-quarter operating profit was $97 million, down 10%, compared with the third quarter of 2014.

Third-quarter sales in the company's payments and vending segment, which includes Crane Payment Innovations and Crane Merchandising Systems, were $171 million, compared with $181 million in 2014's same quarter. The 6% decline was driven by an unfavorable foreign exchange of $11 million, and a divestiture impact of $2 million, or 1%, partially offset by core sales growth of $3 million, or 2%. Adjusted operating margin expanded 110 basis points to 16.1%, driven primarily by acquisition synergies, higher volumes and strong productivity.

Click here to see Crane Co.'s full third-quarter release with non-GAAP financial measures tables.