Crane NXT Raises 2024 Sales Guidance After OpSec Acquisition

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Crane NXT Co, a maker of products including gaming products, said it has completed a $270 million acquisition of OpSec Security Group Ltd., which provides brand protection and certification services. The suitor said the acquisition of OpSec is a "major milestone" in the execution of its growth strategy.

Crane NXT said in a press release on Wednesday that it is increasing its full-year 2024 sales performance guidance to between 5% and 8% after adding OpSec to the group. 검빛경마

Aaron Saak, President and Chief Executive Officer of Crane NXT, commented in the announcement: "With the acquisition of OpSec Security, we believe we have secured an industry-leading portfolio of digital and physical certification and brand protection solutions, enhancing our position as a market leader in providing reliable technology solutions to protect, detect and authenticate our customers' most valuable assets."

The CEO said the company had "made meaningful progress" in the first quarter of 2024, "advancing its strategy and executing its plan to grow revenue to $3 billion by 2028.

Crane NXT reported net sales of $313.6 million for the first quarter of 2024, down 4.7% year-over-year.

"The decline in sales consisted primarily of negative forex reductions of $13.9 million (4.2%) and $1.6 million (0.5%), which are core sales reductions due to lower volumes at Crane Payment Innovations (CPI)," the company said.

The company posted $37.8 million in net income attributable to shareholders in the three months to March 31, compared with $43.7 million a year earlier.

Crane NXT announced a dividend of $0.16 per share for the second quarter of 2024, due on June 12.

The group's Crane Payment Innovations business reported first-quarter net sales of $209 million, down 6.6% from a year earlier. Operating profit for the segment was $52.7 million.

Crane Currency achieved net sales of $146.6 million in the first quarter of 2024, with operating profit for the segment of $20.2 million.

Mr Saak said the company's first-quarter results were in line with the group's expectations as its "core business delivered solid operational performance."

"Going forward, we remain focused on driving profitable growth and creating shareholder value," the CEO said. "We will also continue to leverage our strong balance sheet to further expand and diversify our portfolio through disciplined strategic mergers and acquisitions."

In a separate announcement on Tuesday, Crane NXT said it was renaming its "Crane Current" reportable segment to "Security and Authentication Technologies," which will consist of the Crane Current and OpSec businesses it acquired.

Crane NXT also announced that the president of Crane Current, Sam Keyes, has been promoted to senior vice president in charge of security and certification technology.