Hardware

Crane improves sales and earnings for Q1 2021

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May 4, 2021

First quarter sales for Crane Co., which owns Crane Payment and Merchandising Technologies, Crane Payment Innovations and Crane Currency, rose 5% from $789 million in Q1 2020 to $834 million in Q1 2021, according to an earnings report.

The sales increase was comprised of a $25 million, or 3%, benefit from favorable foreign exchange, a $5 million, or 1%, increase in core sales, and a $5 million, or 1%, benefit from an acquisition.

Operating profit rose 65% from $89 million in Q1 2020 to $146 million in Q1 2021.

Earnings per share rose 44% from $1.15 in Q1 2020 to $1.66 in Q1 2021. GAAP EPS per diluted share was $1.84 in Q1 2021.

Crane Co.'s first quarter 2021 GAAP earnings per diluted share of $1.84, compared to $1.05 in the first quarter of 2020.

For payment and merchandising technologies, sales rose 13% from $297 million in Q1 2020 to $338 million, driven by a $27 million, or 9%, increase in core sales, and a $13 million, or 4%, benefit from favorable foreign exchange. Operating profit margin increased to 25.4%, from 8.9% last year, primarily reflecting continued strong performance at Crane Currency, productivity and benefits from 2020 cost actions. Excluding special items, operating profit margin increased to 25.3%, from 10.3% last year.

The company raised its 2021 full year GAAP EPS guidance to a range of $5.75-$5.95, compared to the prior range of $4.95-$5.15.

The revenue of $834 million for the quarter ended March 2021 surpassed analyst projections by 7.29% while the EPS of $1.66 surpassed analyst projections of $1.31 per share, according to Zacks.

Shares traded at $97.78 today against a 52-week range of $44.23-$97.31.

"We delivered exceptionally strong results in the first quarter," President and CEO Max Mitchell said in the press release. "Each of our three global strategic growth platforms delivered robust results ahead of expectations, with Crane Currency driving the most substantial outperformance in the quarter. "Across all of our businesses and end markets, while uncertainty still exists, we continue to see strengthening underlying trends. In addition, we continue to drive growth above market rates through our consistent investment in technology and strategic growth initiatives."