Excluding special items, operating profit for the second quarter rose nearly 15% to $190.9 million compared to $95.7 million for the second quarter of 2013.
The specials include $7.3 million in transaction-related expenses, equivalent to $0.13 per share related to the acquisition of cash-handling equipment maker MEI Group, the company said. Other specials include $9.3 million in after-tax levies, equivalent to $0.15 per share.
Revenue from all of Crane's business segments was $750 million during the period, up nearly 16% compared to the same period in 2013, but core sales were up slightly by 0.1%
"We are pleased to report Q2 EPS of $1.15 excluding special items," said Crane President and CEO Max Mitchell.
"MEI consolidation and previously announced relocation activities are progressing smoothly and positioned to achieve solid earnings growth in 2015 and 2016," the CEO added.
Crane bought MEI, a maker of cash-processing equipment with casino applications including bill verifiers and cash count technology, in December. MEI claims to be one of the world's largest installation bases for unmanned payment systems, which process more than 2 billion transactions per week in more than 120 countries.
MEI and Crane Payment Solutions together created Crane Payment Innovations (CPI). The former MEI headquarters in Malvern, Pennsylvania, U.S., has become CPI's new headquarters with sales offices and manufacturing facilities all over the world.
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