Crane NXT, the parent company of industry payments provider Crane Payment Innovations (CPI), has raised its FY23 guidance after reporting strong results in its first quarter since demerging from Crane Company.
Releasing its 2Q23 results overnight, Crane NXT reported group-wide revenue of US$353 million, including a 7% increase in net sales from CPI to US$226 million. CPI’s segment operating profit also increased by 26% to US$65 million. Crane currency also enjoyed growth with net sales up 3% to US$127 million and operating profit up 18% to US$35 million.
Crane NXT, which completed its separation from Crane Company on 3 April, has subsequently raised its EPS (earnings per share) guidance by US$0.10 to a range of US$3.85 to US$4.15.
“We delivered very strong second quarter results, our first quarter as a newly independent company,” said Crane NXT President and CEO, Aaron W. Saak.
“Core sales increased 6% with impressive operating leverage driving adjusted margins above 30% in each of our segments. 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 (CBS).
“Our strong cash flow enabled us to further strengthen our balance sheet by repaying US$50 million of outstanding debt, and our low leverage and flexible balance sheet provide the potential for substantial value creation through capital deployment.
“Our results over the last two quarters were very strong. That performance, along with continued customer demand and our sizeable backlog, give us confidence in our outlook for the second half of 2023.”
RelatedPosts
