Crane NXT Raises 2024 Operating Guidance After Acquisition Of OpSec

Crane NXT Co, a product maker that includes gaming products, said it has completed a $270 million acquisition of OpSec Security Group Ltd., which provides brand protection and certification services. The suitors said the acquisition of OpSec was a “major milestone” in the execution of its growth strategy.

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

Aaron Saak, President and Chief Executive Officer of Crane NXT, stated in the announcement: “With the acquisition of OpSec Security, we believe that we have secured an industry-leading portfolio of digital and physical authentication and brand protection solutions, strengthening our position as a market leader in providing reliable technology solutions to protect, detect and certify our customers’ most valuable assets.”

The CEO noted that the company “made meaningful progress” in the first quarter of 2024 and “implemented its plan to advance its strategy and grow revenue to $3 billion by 2028.

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

“The revenue decline consisted primarily of a negative foreign exchange decline of $13.9 million (4.2%) and $1.6 million (0.5%), a key revenue decline driven by volume declines in Crane Payment Innovations (CPI),” the company said.

The company reported net income attributable to shareholders of $37.8 million in the three months to March 31, compared to $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 $104.6 million in the first quarter of 2024, with operating profit of $20.2 million for the segment.

Mr Saak said the company’s first-quarter results were in line with the group’s expectations as “core businesses deliver solid operational performance.”

“Going forward, we are 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 the “Crane Current” reportable segment to “Security and Authentication Technologies,” which will consist of the Crane Current business and the OpSec business it acquired.

Crane NXT also announced that Crane Current President Sam Keayes has been promoted to senior vice president, overseeing the security and certification technology division.

BY: 에볼루션 바카라사이트

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