Crane NXT Co Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
Crane NXT, Co. Reports Second Quarter 2024 Financial Results
Crane NXT, Co. reported its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | QoQ Change | Consensus Estimate (Q2 2024) |
|---|---|---|---|---|---|
| Total Revenue | $370.6M | $352.4M | +5.2% | +$18.2M | $367.16M |
| Earnings Per Share (EPS) | Not listed | Not listed | Not listed | Not listed | $1.04 |
Crane NXT reported strong growth in total revenue, reaching $370.6 million in Q2 2024. This reflects a 5.2% year-over-year increase, driven by core sales growth and contributions from the recent OpSec acquisition. The total revenue surpassed the Wall Street consensus estimate of $367.16 million. However, the specific earnings per share (EPS) for Q2 2024 was not listed in the provided data to compare with the consensus estimate of $1.04.
Revenue Performance by Segment
| Segment | Revenue Q2 2024 | Revenue Q2 2023 | YoY Change | Performance Commentary |
|---|---|---|---|---|
| Crane Payment Innovations (CPI) | $224.4M | $225.9M | -0.7% | Unfavorable forex translation offset by core sales increase. |
| Security and Authentication Tech. | $146.2M | $126.5M | +15.6% | Boosted by OpSec acquisition. |
Crane Payment Innovations (CPI) saw a slight decline in revenue by 0.7% year-over-year driven by unfavorable foreign currency translation, which was partially offset by higher core sales. The Security and Authentication Technologies segment demonstrated significant growth with 15.6% rise in revenue, driven primarily by the inclusion of OpSec acquisition revenues.
Stock Price Movement
The stock price of Crane NXT, Co. saw a decrease of 2.04% following the release of the earnings report.
In summary, Crane NXT, Co. delivered a solid revenue performance in the second quarter of 2024, driven by the integration of OpSec. Despite positive revenue growth, the stock experienced a minor decline post-earnings release. The detailed EPS comparison and officer comments were not available in the provided data.
