Crane NXT (NYSE:CXT) Issues Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Crane NXT (NYSE:CXT) announced its earnings results on Wednesday. The company reported $0.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.01), Briefing.com reports. Crane NXT had a return on equity of 20.33% and a net margin of 13.53%. The company had revenue of $313.60 million during the quarter, compared to analysts’ expectations of $311.72 million. During the same quarter last year, the firm posted $0.96 earnings per share. The firm’s revenue was down 4.7% on a year-over-year basis. Crane NXT updated its FY24 guidance to $4.10-4.35 EPS and its FY 2024 guidance to 4.100-4.350 EPS.

Crane NXT Trading Down 2.2 %

Shares of NYSE CXT traded down $1.38 during midday trading on Thursday, hitting $60.60. 464,397 shares of the company traded hands, compared to its average volume of 332,244. Crane NXT has a 12-month low of $48.19 and a 12-month high of $63.89. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.46 and a current ratio of 1.93. The stock has a 50-day moving average price of $60.78 and a 200 day moving average price of $57.19. The firm has a market cap of $3.46 billion, a P/E ratio of 18.95 and a beta of 1.36.

Crane NXT Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 13th. Investors of record on Thursday, February 29th were given a dividend of $0.16 per share. The ex-dividend date was Wednesday, February 28th. This represents a $0.64 annualized dividend and a dividend yield of 1.06%. This is a boost from Crane NXT’s previous quarterly dividend of $0.14. Crane NXT’s payout ratio is currently 19.57%.

Analyst Ratings Changes

Several research analysts recently issued reports on CXT shares. DA Davidson upped their target price on shares of Crane NXT from $80.00 to $100.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Northland Securities began coverage on shares of Crane NXT in a research note on Monday, April 8th. They set an “outperform” rating and a $91.00 price objective for the company.

About Crane NXT

Crane NXT, Co operates as an industrial technology company that provides technology solutions to secure, detect, and authenticate customers' important assets. The company operates through Crane Payment Innovations and Crane Currency segments. The Crane Payment Innovations segment offers electronic equipment and associated software, as well as advanced automation solutions, processing systems, field service solutions, remote diagnostics, and productivity software solutions.