US technologies firm Crane Co has reported a 15% year-on-year increase in sales to US$3.18 billion in 2021, including a 21.8% improvement to US$1.35 billion in its Payment and Merchandising Technologies segment, which provides payment technology to the global gaming industry.
Profit for the year surged by 109% to US$502 million of which US$307.5 million came from Payment and Merchandising Technologies, up 90% compared with 2020.
Crane Co’s FY21 results included 4Q21 sales of US$770.5 million and operating profit of US$87.1 million, up 12.7% and 61.6% respectively. In the Payment and Merchandising Technologies segment, 4Q21 sales grew 11.0% to US$313.7 million and profit by 89.6% to US$60.1 million.
Crane President and CEO Max Mitchell said, “I remain so incredibly proud of how all of our global teams across Crane performed throughout the challenges of the last two years. Our success reflects the dedication and commitment of our 11,000 associates who embody the best of Crane’s strong culture, and who create value for our customers and all of our stakeholders every day with their passion and innovation.
“That culture and passion was clearly apparent in our phenomenal 2021 results, with record adjusted EPS, operating margin, and free cash flow despite the year’s difficult and uncertain environment. We also made further progress positioning Crane for sustainable value creation in the decade ahead through continued innovation and investments in our technology roadmaps that will drive organic share gains and outperformance versus peers as our end markets continue to recover.
“Looking to 2022, our performance momentum continues, and we are confident in the strength of our three growth platforms and our demonstrated ability to successfully deliver strong results in the current environment.”
Crane also declared a regular quarterly dividend of US$0.47 per share for the first quarter of 2022, payable on 9 March.
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