WALTHAM, Mass., June 20, 2024 (GLOBE NEWSWIRE) -- Crane NXT, Co. (NYSE: CXT) ("Crane NXT" or the "Company"), a premier industrial technology company, today announced it has appointed Michael Mahan as President of its Crane Payment Innovations (CPI) business, effective July 8, 2024. In this role, Mr. Mahan will be responsible for driving the CPI growth strategy, accelerating innovation, and leveraging the Crane Business System to drive continuous improvement and operational excellence to deliver solutions th ...

Shares of Crane NXT (CXT) have gained 2.8% over the past four weeks to close the last trading session at $63.22, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $87 indicates a potential upside of 37.6%. The mean estimate comprises five short-term price targets with a standard deviation of $18.11. While the lowest estimate of $65 indicates a 2.8% increase from the current price ...

Crane NXT (CXT) closed the last trading session at $61.52, gaining 0.1% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $87 indicates a 41.4% upside potential. The mean estimate comprises five short-term price targets with a standard deviation of $18.11. While the lowest estimate of $65 indicates a 5.7% increase from the current price level, the most optimistic analyst expects the ...

Crane NXT, Co. (NYSE:CXT) Q1 2024 Earnings Conference Call May 9, 2024 10:00 AM ET Company Participants Conference Call Participants Operator I would now like to hand the conference over to your speaker today, Rima Hyder, Vice President of Investor Relations. Thank you, operator, and good morning, everyone. I want to welcome all of you to the first quarter 2024 earnings call for Crane NXT. Before we begin, the slides we will reference during this presentation can be accessed via the Investor Relations secti ...

CRANET FORWARD-LOOKING STATEMENTS – DISCLAIMER Risks and uncertainties that could cause actual results to differ materially from the Company's expectations include, but are not limited to: changes in global economic conditions (including inflationary pressures) and geopolitical risks, including macroeconomic fluctuations; demand for its products, which is variable and subject to factors beyond its control; fluctuation in the prices of, or disruption in its ability to source, components and raw materials, an ...

Creates New Security and Authentication Technologies Segment, Consisting of Crane Currency and OpSec Security Sam Keayes Appointed Senior Vice President, Security and Authentication Technologies WALTHAM, Mass. and LONDON, May 07, 2024 (GLOBE NEWSWIRE) -- Crane NXT, Co. (NYSE:CXT) ("Crane NXT" or the "Company"), a premier industrial technology company, today announced that it has completed its acquisition of OpSec Security ("OpSec"), a global leader in brand protection and authentication solutions. Aaron W. ...

WALTHAM, Mass., April 02, 2024 (GLOBE NEWSWIRE) -- Crane NXT, Co. (NYSE:CXT) ("Crane NXT" or the "Company"), a premier industrial technology company, today announced that its Board of Directors has appointed Sandra Joyce as a Director of Crane NXT. Ms. Joyce brings over two decades of experience in cybersecurity and national security working with both government entities and in the private sector to advise leaders and boards on global business threats. She is currently Vice President at Google Cloud and Hea ...

WALTHAM, Mass.--(BUSINESS WIRE)--Crane NXT, Co. (NYSE: CXT) ("Crane NXT" or the "Company"), a premier industrial technology company, today announced it has appointed Hans Lidforss as Senior Vice President of Strategy. In this new role, Mr. Lidforss will be responsible for advancing the Company’s strategy and creating new avenues for growth, including identifying and executing opportunities for M&A, growth ventures, and partnerships. Mr. Lidforss will report directly to Aaron W. Saak, President and CEO, Cran ...

Financial Data and Key Metrics Changes - The company reported revenue of $1.4 billion for the full year 2023, with core sales growth of 4% in line with guidance [36] - Adjusted EBITDA was $388 million, and adjusted EPS was $4.16, exceeding the high end of the outlook [20][22] - Adjusted free cash flow conversion for the full year was 111%, allowing the company to pay down $245 million of debt, lowering the net leverage ratio to 1.1 times [20][41] Business Line Data and Key Metrics Changes - CPI segment reported a decline in core sales of 7% in Q4, with adjusted segment operating margin decreasing by 260 basis points to 29% year-over-year [39] - Crane Currency experienced a strong performance with core sales growth of 29% driven by international currency business, and adjusted segment operating margin improved by 230 basis points year-over-year [40] - Backlog was up 26% from the prior year, supported by a significant multiyear banknote order secured in Q4 [24] Market Data and Key Metrics Changes - The company expects mid-single-digit growth in CPI excluding the gaming vertical, with strength in the vending business [30] - The international business accounts for approximately half of Crane Currency's revenue, with 17 new denominations designed using micro-optics technology added in 2023 [44] - The U.S. government remains a key customer, with expectations of flat currency sales in the first half of 2024 due to a planned shutdown [46] Company Strategy and Development Direction - The company aims to grow to $3 billion over the next five years, focusing on technology solutions that secure, detect, and authenticate valuable assets [18] - A strong M&A pipeline is in place, with plans for the first acquisition in 2024 [19][124] - The company is preparing for the new U.S. currency program, which is expected to enhance growth opportunities in the currency business [28][72] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the U.S. government's continued leadership in technology and banknotes, anticipating additional security features in new designs [29] - The company expects revenue phasing in 2024 to be more heavily weighted toward the second half, with potential upside based on project acceleration in CPI's retail end market [42] - Management highlighted the healthy underlying gaming market and the expectation of returning to growth in Q4 [48][73] Other Important Information - The company announced a 14% increase in its annual dividend based on strong cash flow [25] - Corporate expenses are expected to rise to approximately $53 million, reflecting a full year run rate of costs for newly hired employees [26] Q&A Session All Questions and Answers Question: What is the expected revenue and earnings weight for the first half versus the second half? - Management indicated a 40-60 split between the first and second halves for both top line and bottom line [53] Question: Can you elaborate on the significant multiyear order in Crane Currency? - Management confirmed a multiyear order secured in Q4 that will significantly impact revenue over the next three years, with 17 new denominations designed using micro-optics technology [54][55] Question: What is the year-over-year growth baked into guidance for the international currency business? - Management expects mid-single-digit growth for the international currency business based on a strong pipeline [59][82] Question: How does the company view the gaming market and its recovery? - Management expressed confidence in the gaming market's health, anticipating a return to mid-single-digit growth as inventory levels normalize [87][94] Question: What are the expectations for the currency business in 2024? - Management expects the currency business to be flat in the first half and to pick up in the second half, with overall guidance suggesting low single-digit growth for the year [100][102]

FOURTH QUARTER & FULL YEAR 2023 FINANCIAL RESULTS February 15, 2024 2 Risks and uncertainties that could cause actual results to differ materially from the Company's expectations include, but are not limited to: changes in global economic conditions (including inflationary pressures) and geopolitical risks, including macroeconomic fluctuations; demand for its products, which is variable and subject to factors beyond its control; fluctuation in the prices of, or disruption in its ability to source, component ...