The increase in profit was despite a 1.4 % decline in total net sales in the reporting period, to US$ 702.5 million, the company said in a press release. Operating profit in the April to June period increased by 6.2 % year-on-year, to US$ 109 million.
"We reported another quarter of strong operating results, and achieved record-high operating margins,” said Crane president and chief executive, Max Mitchell, in a statement. "End-market demand remains in line with our expectations, and we are continuing to drive margin improvement with productivity and solid execution,” he added.
The firm’s payment and merchandising technology division – which supplies products to clients in the casino industry – recorded sales of US$ 198 million for the three months ended June 30, up 2.6 % in year-on-year terms. The segment recorded operating profit of US$ 43 million for the period, up by 26.5 % from the prior-year period.
Gaming is just one of the segments served by Crane. The company also provides high-specification engineered industrial products to customers in the aerospace, electronics, hydrocarbon processing, petrochemical, chemical, power generation, automated merchandising, transportation and other markets.
Source: GMB / GGR Asia
