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Crane NXT reports mixed Q2 2023 results, beats expectations

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August 8, 2023

Crane NXT, which includes the former payment and merchandising technologies business of Crane Holdings Co., suffered an income dip despite a sales gain for Q2 2023 against the prior year period, according to an earnings release, but surpassed analyst expectations.

Highlights include:

• Net sales increased 7% from $334 million in Q2 2022 to $352.4 million for the quarter ending June 30, 2023, driven by 4% core sales growth, partially offset by a slight impact from unfavorable foreign exchange.
• Net income fell from $48.8 million to $43.2 million in the comparable quarters.
• EPS per diluted share fell from 86 cents to 75 cents.
• Adjusted EPS was $1.12.
• Crane Payment Innovations sales rose from $211.4 million to $225.9 million.
• Crane Currency sales rose from $122.6 million to $126.5 million.
• The company declared a third quarter dividend of 14 cents per share payable on Sept. 13, 2023 to shareholders of record as of Aug. 31, 2023.

Shares traded today at $62.45 against a 52-week range of $29.58 to $63.36.

The quarterly revenue of $352.4 million beat analyst expectations by $15.87 million while the non-GAAP EPS of $1.12 beat expectations by 21 cents, according to Seeking Alpha.

"We delivered very strong second quarter results, our first quarter as a newly independent company," Aaron W. Saak, president and CEO, said in the press release. "Our continued strong performance reflects both our position as a premier industrial technology company with differentiated technology and leading market positions, as well as our focus on continuous improvement through deployment of the Crane Business System."

The company revised its full year 2023 adjusted EPS guidance range from $3.85 to $4.15, from the prior range of $3.75 to $4.05.