US-based technologies firm Crane Co has reported a 14% decline in operating profit to US$124 million in the three months to 30 June 2022, blamed on lower profit margin due to higher transaction costs.
However, sales for the quarter showed a slight 1% gain year-on-year to US$864 million, including a 2% increase in Crane’s Payment and Merchandising Technologies segment, which provides payment technology to the global gaming industry. Operating profit in the segment grew by 4% to US$81 million.
In Process Flow Technologies, which provides engineered products and systems such as valves, pumps, lined pipes, instrumentation and controls, sales fell 5% to US$296 million with operating profit down 13% to US$41 million, while in Aerospace & Electronics, sales grew by 3% to US$162 million with profit down 8% to US$28 million.
“Our momentum continues with another quarter of strong results reflecting differentiated execution despite a challenging operational environment as well as solid underlying trends in our primary end markets,” said Crane President and CEO, Max Mitchell. “Our overall performance in the first half, with adjusted operating margins of 17.3%, core sales growth of 7%, and core order growth of 14%, all support our outlook, and we are well on-track to achieve our full-year guidance.”
“In addition to delivering consistently strong operational performance, our businesses and portfolio are positioned to support accelerating growth. Across all businesses, our commercial excellence, innovation, and investment in technology roadmaps support our ability to drive outperformance compared to our peers throughout the cycle.
“We are also making continued progress towards our early 2023 separation which will permit each post-separation company to optimize investment and capital allocation, further accelerate growth, and unlock shareholder value.”
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