Crane NXT 3Q sales grow 5pct y-o-y, has US$52mln profit

Nov 07, 2023 Newsdesk Industry Talk, Latest News  

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Crane NXT Co, a maker of products including ones for the gaming sector, reported net sales of US$352.9 million for the third quarter this year, a 5.3-percent rise from the prior-year period.

The company saw its net income attributable to common shareholders go up by 16.4 percent year-on-year, to US$51.9 million, the firm said in a Monday filing.

Crane NXT announced a dividend of US$0.14 per share for the fourth quarter of 2023. The dividend is payable on December 13, to shareholders of record as of November 30.

Its Crane Payment Innovations business recorded net sales of US$221.6 million in the three months to September 30, almost flat year-on-year. But the segment’s third-quarter operating profit rose 8.0 percent judged annually, to US$59.7 million.

Crane Currency achieved net sales of US$131.3 million in the July to September period, up 14.9 percent year-on-year. Operating profit for the segment stood at US$32.8 million, a 1.2 percent-increase from a year ago.

Aaron Saak, Crane NXT’s president and chief executive, was cited as saying in a press release: “We delivered strong results for our third quarter, with 4 percent growth in core sales, along with operational excellence, resulting in an overall 26 percent adjusted operating profit margin.”

He added: “Our strong cash flow enabled us to repay US$125 million of outstanding debt in the quarter. Given our low leverage and flexible balance sheet, we have ample liquidity for disciplined mergers and acquisitions to create further value for our shareholders.”

As of September 30, the company held cash amounting to US$229.0 million, and its total debt was US$714.7 million.

Year-to-date performance and “significant backlog” in terms of its order book, meant the group felt confident in raising the low end of its adjusted earnings-per-share guidance range, narrowing the range to between US$4.00 and US$4.15, stated the CEO.

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