Revenue up 14%, Crane NXT reports profit in the Q3. For the third quarter of this year, Crane NXT Co., a manufacturer of products, including those for the gaming industry, recorded net sales of US$403.5 million, up 14.3% from the same period last year.
In a statement released on Wednesday, the company reported net income attributable to common shareholders of US$47.1 million for the three months ending September 30, which was lower than US$51.9 million in the same period last year.
For the fourth quarter of 2024, Crane NXT declared a dividend of US$0.16 per share, which is due on December 11.
Following the US$270 million acquisition of OpSec Security Group Ltd., a provider of trademark protection and authentication services, earlier this year, the firm reported that its third-quarter revenue was “primarily driven by a US$32.3 million … sales benefit.”
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Crane NXT’s core sales for the quarter were US$16.7 million, up 4.7 percent from the previous year.
The company reported a US$75.0 million operating profit for the third quarter, a 5.9 percent decrease from the same period last year.
“Mainly reflecting an unfavorable product mix, and the impact of the OpSec Security acquisition, partially offset by productivity gains, and the impact of cost saving actions,” the company said of its operating profit margin, which was 18.6% from July to September compared to 22.6 percent in the previous year.
In the three months leading up to September 30, the group’s Crane Payment Innovations (CPI) division reported net revenues of US$224.9 million, an increase of 1.5% from the previous year. At US$64.6 million, the segment’s operating profit increased by 8.2 percent.
In prepared remarks, Aaron Saak, president and CEO of Crane NXT, stated, “Our third quarter results were in line with our expectations.” “During the quarter, we paid off about US$65 million in outstanding debt and decreased our net leverage to about 1.7 times.”
He mentioned: “With our strong balance sheet and operational performance, we have ample liquidity for disciplined merger and acquisitions to create further value for our shareholders.”
Crane NXT announced in mid-October that it had reached a final agreement with De La Rue Plc to pay GBP300 million (US392.3 million) in cash to acquire the latter’s authentication business.
Crane NXT announced late last month that it has successfully acquired TruTag Technologies Inc.’s “smart packaging” assets. The acquisition’s terms were not made public.
According to the press statement issued on Wednesday, Mr. Saak stated: “These transactions, along with the acquisition of OpSec Security which we completed earlier this year, continue to expand and diversify the company and accelerate our strategy as a market leader in providing trusted technology solutions that secure, detect, and authenticate our customers’ most valuable assets.”
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