Industrial technology firm Crane NXT, whose operating segments include leading payments firm Crane Payment Innovations (CPI), saw its net sales fall by 4.7% to US$313.6 million in 1Q24, while operating profit declined by 15.9% to US$55.4 million.
In publishing its first quarter results Crane NXT said the period was impacted by lower volumes at CPI as well as unfavorable foreign exchange. The company’s Crane Currency segment was less impacted however, with net sales down just 0.7% year-on-year to US$104.6 million.
At CPI, net sales fell 6.6% to US$209.0 million, with operating profit down 14.7% to US$52.7 million. The company explained that favorable pricing was more than offset by lower volumes as CPI’s gaming customers adjusted inventory levels to reflect reduced lead times.
“In the first quarter, we made meaningful progress advancing our strategy and executing on our plan to grow sales to $3 billion by 2028,” said Crane NXT President and CEO, Aaron W Saak.
“Our first quarter results were in line with our expectations as our core businesses delivered solid operational performance, and we are reaffirming our Adjusted EPS guidance for the full year. As we look ahead, we remain focused on driving profitable growth and creating shareholder value. We will also continue to leverage our strong balance sheet to further expand and diversify our portfolio through disciplined, strategic M&A.”
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