US industrial technology firm Crane NXT has reported a 5.3% increase in net sales to US$352.9 million in 3Q23, with both Crane Payment Innovations (CPI) and Crane Currency seeing year-on-year growth.
Crane NXT was formerly part of Crane Company before the two entities demerged in April, with the former focused on the payments segment, including to the global gaming industry.
According to information released Tuesday morning, Q3 sales included adjusted operating profit of US$91.6 million, up 5.4%.
CPI saw net sales grow by 0.4% to US$221.6 million while Crane Currency was up 14.9% to US$131.3 million.
In announcing its results, Crane NXT said it would pay a quarterly dividend of US$0.14 per share, payable on 13 December. It is also raising its full year Adjusted EPS guidance and narrowing the range to between US$$4.00 and US$4.15 from between US$3.85 and US$4.15.
Crane NXT is declaring a fourth quarter dividend of $0.14 per share.
“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,” said Aaron W. Saak, Crane NXT’s President and CEO.
“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.
“Our strong cash flow enabled us to repay US$125 million of outstanding debt in the quarter. Given our low leverage and flexible balance sheet, we have ample liquidity for disciplined M&A to create further value for our shareholders.”
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