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Crane NXT, Co. (NYSE: CXT) is a leading industrial technology company specializing in providing secure technology solutions. The company is a pioneer in advanced micro-optics technology used to secure physical products. Its sophisticated electronic equipment and software leverage proprietary detection and sensing technologies to meet the diverse needs of their global client base.
Headquartered in Waltham, Massachusetts, Crane NXT operates with a workforce of approximately 4,000 employees across the US, UK, Mexico, Japan, Switzerland, Germany, Sweden, and Malta. The company’s recent acquisition of OpSec Security has bolstered its portfolio, enhancing their digital and physical authentication and brand protection solutions.
Crane NXT’s core businesses include Crane Payment Innovations (CPI) and Crane Currency. Despite a slight decline in first-quarter 2024 sales, the company achieved $313.6 million in revenue. Although operating profit decreased compared to the previous year, the company continues to focus on adjusting sales strategies, improving operational efficiency, and exploring strategic mergers and acquisitions to drive future growth.
As part of its commitment to shareholders, Crane NXT declared a quarterly dividend of $0.16 per share for the second quarter of 2024. The CEO, Aaron W. Saak, emphasized the company’s goal to grow sales to $3 billion by 2028, reaffirming the company's long-term growth strategy.
For more detailed information about Crane NXT’s financial performance, recent developments, and future initiatives, visit their official website at www.cranenxt.com.
Crane NXT (NYSE: CXT) reported its Q3 2024 financial results, highlighting a 14.3% increase in sales to $403 million and a 4.7% core sales growth. The company achieved a GAAP EPS of $0.81 and an Adjusted EPS of $1.16. Operating profit margins were 18.6% GAAP and 23.9% Adjusted. Key acquisitions included De La Rue Authentication Solutions and Smart Packaging assets of Tru Tag Technologies. The company repaid $65 million of debt, reducing net leverage to 1.7X. For the full year 2024, Crane NXT narrowed its Adjusted EPS guidance to $4.22-$4.30 and expects sales growth of 6%-8%. Adjusted Free Cash Flow conversion is projected at 70%.
Segment-wise, Crane Payment Innovations saw a 1.5% rise in sales to $224.9 million with an Adjusted operating profit margin of 31.1%. Security and Authentication Technologies experienced a 36% sales increase to $178.6 million, though its Adjusted operating profit margin fell to 21.9%.
Cash provided by operating activities was $66.7 million, a 39.5% decrease from the previous year. The company declared a quarterly dividend of $0.16 per share, payable on December 11, 2024.
Crane NXT (NYSE: CXT) has acquired the Smart Packaging assets of TruTag Technologies, enhancing its product security and authentication capabilities. The technology enables secure digitization of physical products through proprietary marking and smartphone authentication, allowing for direct-to-product marking in consumer and industrial applications. The acquired technology will be integrated into Crane NXT's OpSec business, enabling brand owners to verify product integrity through smartphone-based authentication using machine learning. The transaction terms were not disclosed and will not materially impact Crane NXT in 2024.
Crane NXT (NYSE: CXT) has announced a definitive agreement to acquire De La Rue Authentication Solutions for 300 million British pounds in cash. This acquisition complements Crane NXT's existing authentication and online brand protection solutions, expanding its portfolio to include security technologies for identification documents and credentials. De La Rue Authentication Solutions is a global leader in digital and physical security and authentication technologies, serving governments and brands in nearly 80 countries.
Key points:
- De La Rue Authentication generated approximately $130 million in revenue in FY 2024
- Adjusted EBITDA margin of approximately 20%
- The acquisition is expected to close in the first half of 2025
- Crane NXT expects the acquisition to be accretive to Adjusted EPS in the first full year
- Double-digit ROIC anticipated by year five
Crane NXT, Co. (NYSE: CXT), a leading industrial technology company, has announced its schedule for the third quarter 2024 financial results. The earnings release is set for November 6, 2024, after market close, and will be available on the company's website. An earnings call is scheduled for November 7, 2024, at 10:00 AM (Eastern Time), hosted by Aaron W. Saak, President & CEO, and Christina Cristiano, Senior Vice President & CFO.
Interested parties can access a live webcast of the conference call through the Events section of Crane NXT's investor relations website. For those wishing to participate in the Q&A session, pre-registration is required. An accompanying slide presentation and replay of the event will also be available on the company's website.
Crane NXT (NYSE: CXT) reported Q2 2024 results with sales of $371 million, up 5.2% year-over-year. The company delivered GAAP EPS of $0.72 and Adjusted EPS of $1.06. Core sales grew 0.8%, in line with expectations. The OpSec Security integration is progressing well, contributing 5.8% to sales growth. Crane NXT narrowed its full-year Adjusted EPS guidance to $4.20-$4.35. The Crane Currency segment reached record-high backlog levels, while CPI returned to core sales growth. Operating profit margin was 18.2%, with Adjusted operating profit margin at 24.1%. The company remains focused on operational excellence and pursuing strategic M&A opportunities to drive profitable growth and create shareholder value.
Crane NXT, a leading industrial technology company, has announced the schedule for its second quarter 2024 earnings release and earnings call. The earnings report will be released on August 7, 2024, after market close and will be available on the company's website. The earnings call is scheduled for August 8, 2024, at 10:00 AM Eastern Time. The call will be hosted by President & CEO Aaron W. Saak and Senior Vice President & CFO Christina Cristiano. A live webcast of the call and a replay will be accessible through the company's website. Interested parties wishing to participate in the Q&A session need to pre-register on the website.
Crane NXT (NYSE: CXT) has appointed Michael Mahan as the new President of Crane Payment Innovations (CPI), effective July 8, 2024. Mahan will drive CPI's growth strategy, innovation, and operational excellence. He brings extensive experience from leadership roles at Schneider Electric and GE, where he managed significant business units and drove sales growth. Mahan holds a B.S. in Mechanical Engineering from Worcester Polytechnic Institute and an MBA from the University of Connecticut. Concurrently, Kurt Gallo, the Senior VP and interim President of CPI, will retire in February 2025, assisting with the leadership transition.
Crane NXT, Co. reported its first-quarter financial results, including a core sales decline of 4.2% but exceeded expectations with GAAP EPS of $0.66 and Adjusted EPS of $0.85. The company acquired OpSec Security for $270 million, increasing its full-year 2024 sales guidance to 5% to 8%. The CEO emphasized progress in strategy execution, commitment to sales growth, and shareholder value creation.
Crane NXT has completed the acquisition of OpSec Security, forming a new Security and Authentication Technologies segment. This acquisition will enhance the company's capabilities in brand protection and authentication solutions. Sam Keayes has been appointed Senior Vice President of Security and Authentication Technologies, overseeing the newly formed segment.
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