Profit increases for Crane Co in the first quarter

Crane reported good Q1 results.

Crane supplies payment and merchandising technology to the gaming industry.

Tech suplier Crane Co reported US$63.1 million in net income, a 14.7 percent jump in comparison to the same period in 2016.

US.- Crane Co, the gaming industry supplier of payment and merchandising technology, reported a 14.7 increase in net income to US$63.1 million for the first quarter of the year. The company’s results were better than they had expected and higher than in the first three months of 2016.

This year’s income was quite higher than 2016’s US$55 million for the first quarter. The US based business also reported net sales of US$673.4 million, which were 2 percent better year-to-year.
Operating profit in the January to March period increased to US$96.6 million, compared to US$85.5 million in the prior-year period.

Crane president and CEO Max Mitchell celebrated the “strong start to the year, with first quarter operating results that were slightly better than anticipated” and added: “Our performance in the first quarter gives us the confidence to raise the low end of our earnings-per-share guidance range by US$0.05, and we now expect full year earnings per share of US$4.35 to US$4.55.”

The industrial conglomerate is a supplier of payment and merchandising technology for the gaming market, as well as a provider of high-specification products for many other industries. It’s payment and merchandising technology division reported US$196 million worth of sales for this period, 14 percent more than 2016’s same period. It also recorded an operating income increase of 39.3 percent to US$39 million.