GGRAsia – Crane NXT reports US$371mln in 2Q sales, up 5pct y-o-y

Crane NXT reports US$371mln in 2Q sales, up 5pct y-o-y

Aug 08, 2024 Newsdesk Industry Talk, Latest News

Crane NXT Co, a maker of products including ones for the gaming sector, reported net sales of US$370.6 million for the second quarter this year, a 5.2-percent rise from the prior-year period.

The company posted net income attributable to common shareholders of US$41.6 million, down 3.7 percent from a year earlier, the firm said in a Wednesday announcement.

Crane NXT announced a dividend of US$0.16 per share for the third quarter of 2024, payable on September 11.

The company said its second-quarter operating profit was US$67.6 million, compared with US$68.8 million a year earlier.

Operating profit margin was 18.2 percent for the reporting period, compared with 19.5 percent a year ago, “primarily reflecting an unfavourable product mix and the impact” of the US$270-million acquisition of OpSec Security Group Ltd, a provider of brand protection and authentication services.

The group’s Crane Payment Innovations business recorded net sales of US$224.4 million in the three months to June 30, flat from a year ago. The segment’s operating profit declined 5.2 percent, to US$61.4 million.

Aaron Saak, Crane NXT’s president and chief executive, was cited as saying in the press release: “In the second quarter, we delivered solid results across both our strategic platforms, reaching record-high backlog levels in Crane Currency and returning to growth in Crane Payment Innovations core sales.”

He added: “We are already seeing the benefits from the addition of OpSec Security to our portfolio. The response from customers has been overwhelmingly positive and the integration is progressing well.”

Mr Saak said the group was narrowing its full-year adjusted earnings-per-share guidance to a range of US$4.20 to US$4.35.

“We are committed to our long-term strategy and will continue to deploy capital to support organic growth initiatives while also pursuing opportunities to expand and diversify our portfolio through disciplined, strategic merger and acquisitions,” he added.