US technology company Crane Co reported a 15% year-over-year increase in sales to US$3.18 billion in 2021, including a 21.8% improvement to US$1.35 billion. US dollars in its Payment and Merchandising Technologies segment, which provides payment technology to the global game. industry.
Earnings for the year jumped 109% to $502 million, of which $307.5 million came from payments and merchandising technologies, up 90% from 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 Payments and Merchandising Technologies segment, 4Q21 sales increased 11.0% to US$313.7 million and profit increased 89.6% to US$60.1 million.
Crane President and CEO Max Mitchell said, “I remain extremely proud of the performance of all of our global Crane teams throughout the challenges of the past 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 our stakeholders every day through their passion and innovation.
“This culture and passion was clearly apparent in our phenomenal 2021 results, with record adjusted EPS, operating margin and free cash flow despite the challenging and uncertain environment of the year. 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 market share gains and outperformance against our peers as our end markets continue to recover.
“Looking into 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 $0.47 per share for the first quarter of 2022, payable March 9.