Crane Co. feels impact of COVID-19 again in Q3

STAMFORD — Industrial-products manufacturer Crane Co. this week reported declining revenues and profits for the past quarter as it continued to deal with the disruption of the coronavirus crisis.

Third-quarter revenues amounted to $ 735 million, a 5 percent year-over-year decline that company officials mainly attributed to “COVID-19 related macroeconomic factors.” Sales decreased in its fluid handling, aerospace and electronics and engineered materials businesses, while an acquisitionrelated benefit helped its payment and merchandising technologies unit increase its returns.

Quarterly profits totaled about $57 million, compared with $ 73 million a year ago.

“While uncertainty remains elevated, the year has progressed largely as we expected when we reset guidance in April,” Crane CEO and President Max Mitchell said in a statement. “Our teams continue to execute extremely well in this challenging environment, and we are pleased with our third quarter results which were solid in light of current market conditions.”

Crane shares were trading early afternoon Tuesday at $52.53, down around 3 percent from their Monday finish. Their 52-week high was about $90.

In the months before the pandemic started, Crane had made several major moves to expand its operations. Last December, it agreed to acquire pump-and-valve maker Circor’s instrumentation and sampling business for $ 172 million. Earlier in 2019, the company had abandoned a nearly $2 billion bid for all of Circor.

Also last December, company acquired for $ 160 million Cummins Allison Corp., a currency and image-processing specialist. Crane made the acquisition to expand its Payment Innovations business.

In early 2018 Crane moved into banknote supplying with its $800 million acquisition of Crane Currency. The name shared by the two companies is a coincidence; they did not have a connection before the merger.

Crane Co.’s main offices are located at First Stamford Place in the Waterside section of Stamford.