Crane NXT Co. reported declining sales and income for Q1 2023 in its first financial report as a standalone company from Crane Holdings, according to an earnings report.

On April 3, 2023, Crane Holdings Co. completed the separationof its wholly-owned subsidiary, Crane Co., in a tax-free distribution of company shares to Crane Holdings Co. stockholders and changed its name to Crane NXT Co., consisting of Crane Payment Innovations and Crane Currency.

Highlights include:

  • Net sales fell 1% from $332.6 million to $329.1 million in the comparative quarters.
  • Net income to common shareholders fell from $49.5 million to $43.7 million.
  • EPS per diluted share fell from 85 cents to 76 cents.
  • Adjusted EPS was 97 cents for Q1 2023.
  • Crane Payment Innovations sales rose 6% from $211 million to $223.8 million.
  • Crane Currency sales fell 13% from $121.6 million to $105.3 million.

The company declared a second quarter dividend of 14 cents per share.

Shares traded today at $50.20 against a 52-week range of $28.53-$50.84.

The $329.1 million in quarterly revenue beat analyst expectations by $11.35 million while the non-GAAP EPS of 97 cents beat expectations by 23 cents, according to Seeking Alpha.

"Following our successful separation transaction last month, Crane NXT is off to a great start as an independent company based on our strong first quarter results," Aaron Saak, president and CEO at Crane NXT, said in the press release. "Our performance is indicative of our position as a premier industrial technology company with differentiated technology and leading market positions focused on providing trusted technology solutions to secure, detect, and authenticate our customers' most valued assets."

The company raised its full year adjusted EPS guidance from a range of $3.64-$3.95 to $3.75-$4.05.

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