GGRAsia – Crane NXT 2Q sales grow 6pct, posts US$43mln profit

Crane NXT 2Q sales grow 6pct, posts US$43mln profit

Aug 08, 2023 Newsdesk Industry Talk, Latest News

Crane NXT Co, a maker of engineered industrial products including ones for the gaming sector, reported net sales of US$352.4 million for the second quarter, a 5.5-percent increase from the prior-year period.

The company saw its net income attributable to shareholders decline by 11.5 percent year-on-year, to US$43.2 million, the firm said in a Monday filing.

The firm announced a quarterly dividend of US$0.14 per share for the third quarter of 2023, to be paid on September 13.

Crane NXT Co completed its separation from Crane Holdings Co and launched as an independent publicly-traded company on April 3.

The company said Crane Payment Innovations recorded net sales of US$226 million in the three months to June 30, up 7.1 percent year-on-year. The segment had an operating profit of US$65 million, compared to US$51 million in second-quarter 2022.

Crane Currency achieved net sales of US$127 million in the April to June period, up 3.3 percent. Operating profit for the segment stood at US$35 million, up from US$29 million a year earlier.

Aaron Saak, Crane NXT’s president and chief executive, said in comments accompanying the results: “We delivered very strong second quarter results, our first quarter as a newly independent company. Core sales increased 6 percent with impressive operating leverage driving adjusted margins above 30 percent in each of our segments.”

“Our continued strong performance reflects both our position as a premier industrial technology company with differentiated technology and leading market positions, as well as our focus on continuous improvement through deployment of the Crane Business System,” he added.

Mr Saak said the firm’s “strong cash flow” in the quarter enabled it to “further strengthen” its balance sheet by repaying US$50 million of outstanding debt.

“Our results over the last two quarters were very strong. That performance, along with continued customer demand and our sizeable backlog, give us confidence in our outlook for the second half of 2023,” stated the CEO.

The company raised its full-year 2023 adjusted earnings per share guidance to a range of US$3.85 to US$4.15, from a prior range of US$3.75 to US$4.05.