Crane International, the international crane foundation owned by the Sandhill Cranes, has reported a loss of $5.6 million on the business, the company said on Thursday.
The company reported $2.6 billion in revenue for its fiscal year ending June 30, which included a $1.9 billion loss on Crane’s offshore business, according to its most recent financial statements.
In its fiscal fourth quarter, Crane said it reported $1 billion in net losses on its offshore business and $4.5 billion in pretax losses.
The Sandhill Crane, headquartered in Texas, is the largest privately held operator of crane platforms worldwide.
Its parent company, the Sandhills, Inc., is a major manufacturer of the world’s most popular crane, the Cessna 182.
Sandhill said it had been making changes to its operations.
It said in a statement that it is committed to improving operations and reducing costs.