Crane Co.'s payment and merchandising sales rise 11% in fourth quarter

Crane Co. (NYSE: CR), which owns one of the world's largest payments and vending machine manufacturers, this said its 2021 full-year sales were $3.2 billion, an 15% increase, compared with the prior year. The sales increase was comprised of a $343 million increase, or 12%, in core sales, a $71 million, or 3%, benefit from a favorable foreign exchange and a slight benefit from an acquisition.

Fourth-quarter 2021 sales were $771 million, an increase of 13%, compared with the fourth quarter of 2020.

Crane's Payment & Merchandising Technologies division, which includes Crane Payment Innovations (CPI). reported fourth-quarter sales of $314 million. Sales increased $31 million, or 11%, and were driven by a $32 million, or 11%, increase in core sales, partially offset by a $1 million impact from unfavorable foreign exchange.

The division's fourth-quarter operating profit margin rose to 19.1%, from 11.2% last year, primarily reflecting favorable mix, higher volumes and the absence of repositioning costs. Excluding special items, operating profit margin increased to 18.5%, from 14.7% last year.

For the 2021 full year, Crane Payment & Merchandising Technologies saw sales revenues of $1,3 billion, a 21% increase over 2020.

"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," said Crane president and chief executive Max Mitchell.

"Despite continued uncertainty related to COVID and other operating conditions, we are introducing initial 2022 adjusted EPS from continuing operations guidance of $7-$7.40, reflecting 10% growth at the midpoint compared to our record 2021 earnings," Mitchell added.