Crane NXT Co, a maker of products including ones for the gaming sector, reported net sales of US$399.1 million for the fourth quarter of 2024, up 11.8 percent from the prior-year period.
The company posted net income attributable to common shareholders of US$57.6 million for the three months to December 31, an increase from US$49.5 million a year earlier, the firm said in a Wednesday announcement.
Crane NXT announced its quarterly dividend of US$0.17 per share for the first quarter of 2025, payable on March 12. It said its quarterly dividend this year represented an increase of nearly 6.3 percent from 2024.
Fourth-quarter operating profit for the firm was US$70.8 million, down 2.2 percent from a year ago.
The company said its fourth-quarter revenue was “driven by the sales benefit” of US$33.3 million resulting from the US$270-million acquisition in May last year of OpSec Security Group Ltd, a provider of brand protection and authentication services.
Such increase was “partially offset by unfavourable foreign exchange of US$1.1 million,” it said.
The group’s Crane Payment Innovations (CPI) business recorded net sales of US$214.9 million in the three months to December 31, flat year-on-year. The segment’s operating profit fell by 12.0 percent, to US$49.7 million.
For full-year 2024, Crane NXT reported net sales of just under US$1.49 billion, a 6.9-percent increase from the prior year. Net income last year stood at US$184.1 million, down from US$188.3 million in full-year 2023.
“We delivered 2024 results in line with our expectations,” stated Aaron Saak, Crane NXT’s president and chief executive, in prepared remarks.
“We reached a record-high backlog in Crane Currency during 2024, and in CPI we delivered mid-single-digit growth excluding gaming,” said the CEO.
He added: “We also significantly increased our leadership in the authentication market, with the OpSec integration progressing as expected and the acquisition of De La Rue Authentication Solutions is on track to close in the second quarter [of 2025].”
In mid-October, Crane NXT announced a definitive agreement with De La Rue Plc to acquire the latter’s authentication business for GBP300 million (US392.3 million) in cash.
Also in October, Crane NXT said it had completed the acquisition of the “smart packaging” assets of TruTag Technologies Inc. Terms of the acquisition were not disclosed.
In his prepared remarks, Mr Saak said Crane NXT was “committed to building” on its “progress to grow and diversify” the firm’s portfolio of technology solutions “that secure, detect and authenticate what matters most to our customers”.
“With ample capacity, a strong pipeline of M&A [merger and acquisition] opportunities, and our disciplined approach to capital allocation, we are well positioned to deliver future growth and create long-term, sustainable value for our shareholders,” added the CEO.
In Wednesday’s announcement, Crane NXT said it expects its full-year 2025 sales to grow in the range of 1 percent to 3 percent, with a guidance of adjusted earnings per share of US$4.00 to US$4.30.
Crane NXT 4Q sales up 12pct y-o-y, raises dividend by 6pct
