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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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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