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Sep 30, 2024
Crane NXT Q3 2024 Earnings Report
Crane NXT reported a 14.3% increase in sales for the third quarter of 2024, reaching $403.5 million, driven by core sales growth and the acquisition of OpSec Security.
Key Takeaways
Crane NXT, a premier industrial technology company, announced strong third-quarter 2024 financial results, with sales increasing by 14.3% to $403.5 million and core sales growth of 4.7%. The company reported GAAP EPS of $0.81 and Adjusted EPS of $1.16, while also narrowing its full-year Adjusted EPS guidance to $4.22 to $4.30. Strategic acquisitions and debt repayment efforts were also highlighted.
Sales increased by 14.3% to $403.5 million in Q3 2024, with core sales growth of 4.7%.
GAAP earnings per diluted share (EPS) were $0.81, and Adjusted EPS reached $1.16.
The company signed an agreement to acquire De La Rue Authentication Solutions and acquired Smart Packaging assets of Tru Tag Technologies.
Approximately $65 million of outstanding debt was repaid, reducing net leverage to approximately 1.7X.
Crane NXT
Crane NXT
Crane NXT Revenue by Segment
Revenue by Segment
Crane Payment Innovations Revenue
CapyFin.comSecurity and Authentication Technologies Revenue
CapyFin.com Forward Guidance
Crane NXT updated its full-year 2024 guidance, narrowing sales growth and Adjusted EPS ranges, and updating Adjusted Free Cash Flow conversion.
Positive Outlook
- Full year sales growth guidance narrowed to +6% to +8% (previously +5% to +8%).
- Full year Adjusted EPS guidance narrowed to $4.22 to $4.30 (previously $4.10 to $4.35).
- Adjusted Segment Operating Margin guidance maintained at 26% to 28%.
- Corporate Expense guidance maintained at ~$53 million.
- Non-Operating Expense, Net guidance maintained at ~$47 million.
Challenges Ahead
- Adjusted Free Cash Flow conversion guidance updated to ~70% (previously ~100%).
- No specific negative updates on other financial metrics were provided in the guidance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income