Crane Nxt (CXT) FY2022 results: revenue $1.3 billion, down 0.4% on the year

Crane Nxt, Co. (CXT) reported revenue of $1.3 billion for fiscal 2022, the year ended 31 December 2022, down 0.4% on the year before. Net income was $205 million, up 15.1%, and diluted earnings per share $3.61. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2023.

Revenue

$1.3 billion

-0.4% on the year

FY2015FY2022

Operating margin

22.5%

20.8% a year earlier

FY2015FY2022

Net income

$205 million

+15.1% on the year

FY2015FY2022

Diluted EPS

$3.61

+15.0% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,340	1,345	2,937	-0.4%
Cost of revenue	714	746	1,931	-4.4%
Gross profit	626	599	965	+4.6%
Gross margin	46.7%	44.5%	32.9%
Research and development	33.9	33.2	74.6	+2.1%
Selling, general and administrative	319	323	698	-1.5%
Operating income	301	279	263	+7.9%
Operating margin	22.5%	20.8%	9.0%
Interest expense	52.2	46.9	55.3	+11.3%
Pre-tax income	248	226	224	+9.8%
Income tax	43.4	48.1	43.4	-9.8%
Effective tax rate	17.5%	21.3%	19.3%
Net income	205	178	181	+15.1%
Net margin	15.3%	13.2%	6.2%
Diluted EPS	$3.61	$3.14	$3.08	+15.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	306	277	310	+10.5%
Capital expenditure	21.3	18.6	34.1	+14.5%
Free cash flow	285	258	275	+10.2%
Free cash flow margin	21.2%	19.2%	9.4%
Cash from investing	-21.3	-15.8	-229
Cash from financing	-135	-298	55.1
Depreciation and amortisation	78.7	81.8	128	-3.8%
Share-based compensation	9.3	8.6	22.3	+8.1%
Buybacks	204	96.3	70.0	+111.5%
Dividends paid	0.0	0.0	100
Dividend per share	$1.88	$1.72	$1.72	+9.3%
Diluted shares, weighted	57m	57m	59m	0.0%
Shares outstanding at period end	56m	58m	58m	-2.6%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	784	764	914	+2.6%
Non-controlling interest	2.6	2.8	2.2	-7.1%
Short-term borrowings	n/a	0.0	n/a
Debt	1,243	842	1,219	+47.6%
Operating lease liabilities	29.0	79.3	86.5	-63.4%
Other liabilities	71.0	2,798	2,394	-97.5%
Total liabilities and equity	2,129	4,487	4,615	-52.5%
Fixed assets	262	556	574	-52.9%
Goodwill	837	861	1,609	-2.8%
Intangible assets	345	388	433	-11.2%
Cash and equivalents	231	479	551	-51.8%
Receivables	205	483	424	-57.5%
Inventory	146	449	430	-67.6%
Other assets	105	1,271	594	-91.7%
Total assets	2,129	4,487	4,615	-52.5%

10-K for the year ended 31 December 2022, filed 1 March 2023: the filing.