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October 14, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Crane Co. of Stamford posts major 4th-quarter gains

Crane Co., the Stamford manufacturer of highly engineered industrial products, reported full-year 2017 sales of $2.8 billion, up 1 percent over 2016. Full year-2017 operating profit was $402 million compared with $200 million in 2016.

Image courtesy of Crane.

Fourth-quarter 2017 sales were $714 million, up 5 percent over the same period in 2016, while fourth-quarter operating profit was $91 million, compared with an operating loss of $92 million in 2016.

The results included the firm’s December acquisition of Crane Currency, a Boston company that for nearly 140 years has supplied the paper used to make U.S. currency, for $800 million.

Crane Co. President and CEO Max Mitchell said that the Crane Currency acquisition “is off to a great start” and that “the recent tax reform legislation will not only improve our profitability, but it will enable us to accelerate investments for future growth.”

“The growth potential of our core business, combined with the benefits from the Crane Currency acquisition, tax reform, accelerated growth investments, and repositioning activities, will position Crane for double-digit annual adjusted earnings growth for at least the next several years, with further upside possible from additional capital deployment,” Mitchell said.