US-based technologies firm Crane Co has reported an operating loss of US$31 million for the three months to 30 September 2022, down from a profit of US$145 million a year earlier on the divesture of a legacy subsidiary which indemnified the company against “asbestos liabilities”.
However, adjusted operating profit was US$144 million – largely in line with the same period last year.
According to the company’s financial results, published early Tuesday morning (Asia time), sales fell 9% to US$815 million including a 8% decrease in Crane’s Payment and Merchandising Technologies segment to US$335 million. The segment provides payment technology to the global gaming industry.
In Process Flow Technologies, which provides engineered products and systems such as valves, pumps, lined pipes, instrumentation and controls, sales fell 16% to US$250 million with operating profit down 7% to US$41 million, while in Aerospace & Electronics, sales grew by 1% to US$167 million with profit down 13% to US$28 million.
“We continue to make progress positioning our businesses and portfolio for accelerating growth,” said Crane Co President and CEO, Max Mitchell.
“We have incredible momentum across all of our businesses with significant investments in technology and strategic growth initiatives to drive outperformance compared to our peers, and we are actively pursuing inorganic growth as well, with activity on a number of potential acquisitions.
“Further, progress towards our planned early April 2023 separation is progressing smoothly, and we continue to believe that the separation will permit each post-separation company to optimize its investments and capital allocation policies to further accelerate growth and unlock shareholder value.”
Crane is currently planning to spin off its Payment and Merchandising Technologies business into a newly listed form called Crane NXT, having recently named Aaron Saak as its President and CEO.
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