On November 6, 2023, Crane NXT Co (CXT, Financial), a leading industrial technology company, announced its financial results for the third quarter ended September 30, 2023. The company reported GAAP earnings per diluted share (EPS) of $0.90, and Adjusted EPS of $1.09. The company's Q3 core sales grew 4% year-over-year. Crane NXT Co (CXT) also raised the lower end of its full year Adjusted EPS guidance to $4.00 from $3.85.
Financial Highlights
Crane NXT Co (CXT, Financial)'s Q3 2023 sales were $352.9 million, an increase of $17.8 million, or 5.3%, compared with the third quarter of 2022. The sales increase was comprised of core sales growth of $13.2 million, or 3.9%, and favorable foreign exchange of $4.6 million, or 1.4%. The company's operating profit was $79.7 million, compared with $78.0 million in the third quarter of 2022. The company also repaid $125 million of its $350 million term loan facility, reducing net leverage to 1.3x.
We delivered strong results for our third quarter with 4% growth in core sales, along with operational excellence, resulting in an overall 26% adjusted operating profit margin. Our year-to-date performance and significant backlog gives us confidence to raise the low end of our Adjusted EPS guidance range and narrow the range to $4.00 to $4.15." - Aaron W. Saak, Crane NXT's President, and Chief Executive Officer
Segment Results
Crane NXT Co (CXT, Financial) reported that its Crane Payment Innovations segment's net sales for Q3 2023 were $221.6 million, a slight increase from $220.8 million in Q3 2022. The Crane Currency segment's net sales for Q3 2023 were $131.3 million, a significant increase from $114.3 million in Q3 2022.
Full Year 2023 Guidance
The company revised its Adjusted EPS guidance range to $4.00 to $4.15, from the prior range of $3.85 to $4.15. The company also updated its net non-operating expense to ~$45 million from ~$50 million to reflect lower interest costs.
Dividend Announcement
Crane NXT announced its quarterly dividend of $0.14 per share for the fourth quarter of 2023. The dividend is payable on December 13, 2023 to shareholders of record as of November 30, 2023.
Explore the complete 8-K earnings release (here) from Crane NXT Co for further details.
