Crane NXT, Co. Earnings Call Transcripts
Fiscal Year 2026
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Q1 delivered 17% sales growth and 6% organic growth, with strong SAT performance and early Antares Vision integration. Guidance for 2026 was raised to 15%-17% sales growth, with EPS maintained at $4.10-$4.40 and margin expansion expected.
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The company targets $2.5B in sales and $600M EBITDA by 2028, driven by organic growth, disciplined M&A, and operational excellence. Recent acquisitions expand the addressable market and diversify revenue, with margin expansion and strong cash flow conversion expected.
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Management projects $1.6B in 2025 sales with strong recurring revenue and margins, driven by growth in international currency and recent acquisitions like Antares Vision. Capacity investments and technology upgrades are expected to support long-term margin expansion and market leadership.
Fiscal Year 2025
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Q4 and full-year 2025 saw double-digit sales growth, strong free cash flow, and margin discipline, with robust performance in currency and authentication. 2026 guidance calls for 4%-6% sales growth, margin expansion in SAT, and continued investment in capacity and M&A.
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Q3 results met expectations with 10% sales growth and strong free cash flow. Raised full-year sales guidance, highlighted robust international currency demand, and announced the Antares Vision acquisition to diversify the portfolio.
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Recent acquisition of Antares Vision expands reach into life sciences and food & beverage, adding $2B to TAM and significant software synergies. Authentication and currency businesses are positioned for growth, with new product launches and robust international demand. Leverage to peak at 2.9x post-acquisition, with plans to deleverage below 2x by 2027.
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The acquisition of Antares Vision S.p.A. expands reach into the $2B track and trace market, especially in life sciences and food and beverage, with strong synergy and margin improvement potential. The deal is expected to be accretive, with integration and privatization targeted by H1 2026.
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A leading authentication and payment technology firm is leveraging recent acquisitions and operational excellence to drive mid-single-digit growth, margin expansion, and international market share gains. Strong free cash flow supports ongoing M&A, with a robust pipeline and disciplined capital allocation.
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Q2 2025 saw 9% sales growth, strong free cash flow, and record backlogs in currency and authentication. Integration of De La Rue and OpSec accelerated synergies, with full-year EPS guidance reaffirmed and robust M&A capacity maintained.
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Q1 2025 saw 5% sales growth and $0.54 adjusted EPS, with strong international currency and OPSEC contributions. The De La Rue Authentication acquisition was completed, forming Crane Authentication, and full-year EPS guidance of $4.00-$4.30 was reaffirmed. Tariff impacts are expected to be fully mitigated.
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The conference highlighted strong 2024 financials, robust M&A activity, and disciplined portfolio growth. Key acquisitions in authentication technology, ongoing operational improvements via CBS, and a resilient currency business position the company for continued expansion and value creation in 2025.
Fiscal Year 2024
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Q4 and full-year 2024 results met expectations, with 12% Q4 and 7% full-year sales growth, and adjusted EPS of $4.26. 2025 guidance calls for 1%-3% sales growth, margin stability, and continued portfolio diversification through acquisitions and technology investments.
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Q3 sales rose 14% year-over-year, driven by acquisitions and strong international demand, while gaming softness and U.S. currency headwinds led to flat 2025 revenue guidance. Integration of OpSec and new deals like De La Rue and TruTag support long-term growth and margin stability.
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The acquisition of De La Rue's Authentication Solutions business for GBP 300 million will expand offerings in government, ID security, and brand protection, with strong recurring revenue and operational synergies expected to drive double-digit ROIC by year five. Integration with OpSec will enhance market reach and technology leadership.
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Q2 2024 sales grew 5% year-over-year, led by the OpSec acquisition and strong currency backlog, prompting a raised core sales growth outlook. Adjusted EPS guidance was narrowed to $4.20-$4.35, with robust M&A capacity and continued margin expansion opportunities.