Crane NXT 4Q sales grow 6pct y-o-y, posts US$50mln profit

Feb 15, 2024 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$356.9 million for the fourth quarter of 2023, a 5.5-percent rise from the prior-year period.

But the company saw its net income attributable to common shareholders decline by 20.2 percent year-on-year, to US$59.5 million, the firm said in a Wednesday filing.

Crane NXT announced a dividend of US$0.16 per share for the first quarter of 2024, an increase of 14 percent over the prior year. The dividend is payable on March 13.

Its Crane Payment Innovations business recorded net sales of US$215.1 million in the three months to Dcember 31, down 6.9 percent year-on-year. The segment’s operating profit declined 8.1 percent, to US$56.5 million.

Crane Currency achieved net sales of US$141.8 million in the fourth quarter, up 32.4 percent year-on-year. Operating profit for the segment stood at US$31.2 million, a 53.7 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 a strong close to 2023, underpinned by outstanding operational performance from both our businesses.”

He added: “With this solid foundation in place, we are well-positioned to execute on our strategy, both organically and through acquisitions. We have a strong and flexible balance sheet, ample liquidity, and a robust pipeline of opportunities for disciplined mergers and acquisitions.”

For full-year 2023, the company reported net sales of US$1.39 billion, up 3.8 percent from the prior year. Operating profit was US$286.8 million, compared with US$301.3 million in full-year 2022.

Crane NXT repaid last year US$245.0 million of its US$350 million term loan facility, reducing its net leverage to 1.1x, it said.

The company held cash of US$227.2 million as of December 31, and total debt was US$644.9 million.

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