Delivers full year Sales growth of 7%, GAAP EPS of $3.19 and Adjusted EPS of $4.26
On track to close De La Rue Authentication acquisition in the second quarter of 2025
WALTHAM, Mass., Feb. 12, 2025 (GLOBE NEWSWIRE) -- Crane NXT, Co. (NYSE: CXT) ("Crane NXT" or the "Company"), a premier industrial technology company, today announced its financial results for the fourth quarter and full year ended December 31, 2024.
Fourth Quarter 2024 Highlights
- Sales growth of 11.8% with core sales growth of 2.8% year-over-year.
- GAAP operating profit margin of 17.7% and Adjusted operating profit margin of 23.7%.
- GAAP earnings per diluted share (EPS) of $1.00, and Adjusted EPS of $1.20.
- Secured a £300 million term loan commitment to finance De La Rue transaction.
- Declared a first quarter 2025 dividend of $0.17 per share, an increase of 6% over the prior year.
- Completed the acquisitions of OpSec Security and TruTag Smart Packaging and signed agreement to acquire De La Rue Authentication Solutions.
- Sales growth of 6.9% with core sales growth of 1.1% year-over-year.
- GAAP operating profit margin of 18.1% and Adjusted operating profit margin of 23.6%.
- GAAP EPS of $3.19, and Adjusted EPS of $4.26.
- Expanded revolving credit facility and repaid existing term loan; ended year with net leverage of ~1.5x.
- Introducing 2025 guidance with Adjusted EPS of $4.00 to $4.30. Please see the "Full Year 2025 Guidance" section in this press release for more details.
Mr. Saak continued: "As we look ahead, we are committed to building on our progress to grow and diversify our portfolio of trusted technology solutions that secure, detect and authenticate what matters most to our customers. With ample capacity, a strong pipeline of M&A opportunities, and our disciplined approach to capital allocation, we are well positioned to deliver future growth and create long-term, sustainable value for our shareholders."
| Summary of Fourth Quarter 2024 Results | |||||||||||||||
| Three Months Ended December 31, | Change | ||||||||||||||
| (unaudited, dollars in millions) | 2024 | 2023 | $ | % | |||||||||||
| Net sales | $ | 399.1 | $ | 356.9 | $ | 42.2 | 11.8 | % | |||||||
| Core sales | $ | 10.0 | 2.8 | % | |||||||||||
| Acquisitions | $ | 33.3 | 9.3 | % | |||||||||||
| Foreign exchange | $ | (1.1 | ) | (0.3) | % | ||||||||||
| Operating profit | $ | 70.8 | $ | 72.4 | $ | (1.6 | ) | (2.2) | % | ||||||
| Adjusted operating profit* | $ | 94.6 | $ | 83.4 | $ | 11.2 | 13.4 | % | |||||||
| Operating profit margin | 17.7 | % | 20.3 | % | (260bps) | ||||||||||
| Adjusted operating profit margin* | 23.7 | % | 23.4 | % | 30bps | ||||||||||
*Please see the Non-GAAP Financial Measures tables in this release
Fourth Quarter 2024 Results
Fourth quarter 2024 sales were $399.1 million, an increase of $42.2 million, or 11.8%, compared with the fourth quarter of 2023, driven by the sales benefit from the OpSec Security acquisition of $33.3 million, or 9.3%, and core sales growth of $10.0 million, or 2.8%, partially offset by unfavorable foreign exchange of $1.1 million, or 0.3%.
Fourth quarter 2024 operating profit was $70.8 million, compared with $72.4 million in the fourth quarter of 2023. Operating profit margin was 17.7%, compared with 20.3% last year, reflecting unfavorable product mix and the dilutive impact of the OpSec Security acquisition, partially offset by lower manufacturing costs and productivity gains. Adjusted operating profit margin of 23.7% increased 30 basis points, compared with 23.4% in the prior year. (Please see the Non-GAAP Financial Measures tables in this release for a detailed reconciliation of reported results to adjusted measures).
Fourth quarter 2024 GAAP EPS was $1.00, and Adjusted EPS was $1.20. (Please see the Non-GAAP Financial Measures tables in this release for a detailed reconciliation of reported results to adjusted measures).
Fourth Quarter 2024 Segment Results
All comparisons detailed in this section refer to operating results for the fourth quarter 2024 versus the fourth quarter 2023.
| Crane Payment Innovations | |||||||||||||||
| Three Months Ended December 31, | Change | ||||||||||||||
| (unaudited, dollars in millions) | 2024 | 2023 | $ | % | |||||||||||
| Net sales | $ | 214.9 | $ | 215.1 | $ | (0.2 | ) | (0.1)% | |||||||
| Core sales | $ | (0.3 | ) | (0.1)% | |||||||||||
| Foreign exchange | $ | 0.1 | -% | ||||||||||||
| Operating profit | $ | 49.7 | $ | 56.5 | $ | (6.8 | ) | (12.0)% | |||||||
| Adjusted operating profit* | $ | 62.4 | $ | 62.3 | $ | 0.1 | 0.2% | ||||||||
| Operating profit margin | 23.1 | % | 26.3 | % | (320bps) | ||||||||||
| Adjusted operating profit margin* | 29.0 | % | 29.0 | % | 0bps | ||||||||||
| Totals may not sum due to rounding | |||||||||||||||
| *Please see the Non-GAAP Financial Measures tables in this release | |||||||||||||||
| Security and Authentication Technologies | |||||||||||||||
| Three Months Ended December 31, | Change | ||||||||||||||
| (unaudited, dollars in millions) | 2024 | 2023 | $ | % | |||||||||||
| Net sales | $ | 184.2 | $ | 141.8 | $ | 42.4 | 29.9% | ||||||||
| Core sales | $ | 10.3 | 7.3% | ||||||||||||
| Acquisitions | $ | 33.3 | 23.4% | ||||||||||||
| Foreign exchange | $ | (1.2 | ) | (0.8)% | |||||||||||
| Operating profit | $ | 37.4 | $ | 31.2 | $ | 6.2 | 19.9% | ||||||||
| Adjusted operating profit* | $ | 45.5 | $ | 34.8 | $ | 10.7 | 30.7% | ||||||||
| Operating profit margin | 20.3 | % | 22.0 | % | (170bps) | ||||||||||
| Adjusted operating profit margin* | 24.7 | % | 24.5 | % | 20bps | ||||||||||
| Totals may not sum due to rounding | |||||||||||||||
| *Please see the Non-GAAP Financial Measures tables in this release | |||||||||||||||
| Summary of Full Year 2024 Results | ||||||||||||||||
| Full Year | Change | |||||||||||||||
| (unaudited, dollars in millions, except per share data) | 2024 | 2023 | $ | % | 2024 Guidance | |||||||||||
| Net sales | $ | 1,486.8 | $ | 1,391.3 | $ | 95.5 | 6.9 | % | +6% to +8% | |||||||
| Core sales | $ | 15.7 | 1.1 | % | ||||||||||||
| Acquisitions | $ | 86.0 | 6.2 | % | ||||||||||||
| Foreign exchange | $ | (6.2 | ) | (0.4) | % | |||||||||||
| Operating profit | $ | 268.8 | $ | 286.8 | $ | (18.0 | ) | (6.3) | % | |||||||
| Adjusted operating profit* | $ | 351.6 | $ | 345.2 | $ | 6.4 | 1.9 | % | ||||||||
| Operating profit margin | 18.1 | % | 20.6 | % | (250bps) | |||||||||||
| Adjusted operating profit margin* | 23.6 | % | 24.8 | % | (120bps) | |||||||||||
| GAAP EPS | $ | 3.19 | $ | 3.28 | ||||||||||||
| Adjusted EPS* | $ | 4.26 | $ | 4.16 | $4.22-$4.30 | |||||||||||
*Please see the Non-GAAP Financial Measures tables in this release
Full Year 2024 Results
Full year 2024 sales were $1,486.8 million, an increase of $95.5 million, or 6.9%, compared with full year 2023, primarily driven by the sales benefit from the OpSec Security acquisition of $86.0 million or 6.2%, and core sales growth of $15.7 million, or 1.1%, driven by international Currency sales, partially offset by unfavorable foreign exchange of $6.2 million, or 0.4%.
Full year 2024 operating profit was $268.8 million, compared with $286.8 million in full year 2023. Operating profit margin was 18.1%, compared with 20.6% last year, reflecting unfavorable product mix, lower volumes and restructuring charges in CPI, higher manufacturing costs in the Currency business, and the dilutive impact of the OpSec Security acquisition, partially offset by favorable pricing and productivity gains across both segments, and the impact of lower manufacturing costs and cost saving actions in CPI. Adjusted operating profit margin of 23.6% decreased 120 basis points, compared with 24.8% in the prior year. (Please see the Non-GAAP Financial Measures tables in this release for a detailed reconciliation of reported results to adjusted measures).
Full year 2024 GAAP EPS was $3.19, and Adjusted EPS