Crane Nxt (CXT) Q1 FY2024 earnings: revenue $314 million, down 62.8% on the year

Crane Nxt, Co. (CXT) reported revenue of $314 million for Q1 FY2024, the quarter ended 31 March 2024, down 62.8% on the same quarter a year earlier. Net income was $38 million, down 13.5% on the year, and diluted earnings per share $0.66. The figures are the company's own, from the 10-Q it filed with the SEC on 8 May 2024.

Revenue$314 milliondown 62.8%

Net income$38 milliondown 13.5%

Diluted EPS$0.66

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	314	357	n/a	n/a
Cost of revenue	161	191	n/a	n/a
Gross profit	152	166	n/a	n/a
Gross margin	48.6%	46.4%	n/a
Selling, general and administrative	94.3	92.6	n/a	n/a
Operating income	55.4	72.4	n/a	n/a
Operating margin	17.7%	20.3%	n/a
Interest expense	9.9	n/a	n/a	n/a
Pre-tax income	46.7	61.4	n/a	n/a
Income tax	8.9	11.9	n/a	n/a
Effective tax rate	19.1%	19.4%	n/a
Net income	37.8	49.5	n/a	n/a
Net margin	12.1%	13.9%	n/a
Diluted EPS	$0.66	$0.86	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	9.5	78.5	n/a	n/a
Capital expenditure	12.5	15.0	n/a	n/a
Free cash flow	-3.0	63.5	n/a	n/a
Free cash flow margin	-1.0%	17.8%	n/a
Cash from investing	-12.5	-15.0	n/a	n/a
Cash from financing	10.6	-76.0	n/a	n/a
Depreciation and amortisation	18.5	18.6	n/a	n/a
Share-based compensation	2.3	2.9	n/a	n/a
Dividends paid	9.1	7.9	n/a	n/a
Dividend per share	$0.16	n/a	n/a	n/a
Diluted shares, weighted	58m	58m	n/a	n/a
Shares outstanding at period end	57m	57m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	964	964	n/a	n/a
Short-term borrowings	30.2	n/a	n/a	n/a
Debt	640	645	n/a	n/a
Operating lease liabilities	n/a	42.6	n/a	n/a
Other liabilities	465	478	n/a	n/a
Total liabilities and equity	2,099	2,129	n/a	n/a
Fixed assets	255	261	n/a	n/a
Goodwill	830	841	n/a	n/a
Intangible assets	297	309	n/a	n/a
Cash and equivalents	221	227	n/a	n/a
Receivables	183	215	n/a	n/a
Inventory	166	157	n/a	n/a
Other assets	147	119	n/a	n/a
Total assets	2,099	2,129	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 * †	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	353	357	314	371	404	399	330	404	445	477	388	493
Cost of revenue	187	191	161	210	232	219	190	236	252	275	232	285
Gross profit	166	166	152	161	171	180	140	169	193	202	156	209
Gross margin	47%	46%	49%	43%	42%	45%	42%	42%	43%	42%	40%	42%
SG&A	85.8	92.6	94.3	93.3	96.3	102	103	114	107	117	131	136
Operating income	79.7	72.4	55.4	67.6	75.0	70.8	37.3	47.9	81.9	79.6	22.2	68.9
Operating margin	23%	20%	18%	18%	19%	18%	11%	12%	18%	17%	6%	14%
Interest expense	n/a	n/a	9.9	12.4	13.4	n/a	11.5	16.4	16.2	n/a	17.8	21.0
Pre-tax income	67.9	61.4	46.7	55.4	63.3	61.0	28.1	32.8	66.6	53.5	9.2	47.9
Tax rate	24%	19%	19%	25%	26%	6%	23%	24%	24%	11%	26%	24%
Net income	51.9	49.5	37.8	41.6	47.1	57.6	21.7	24.9	50.5	48.0	6.4	35.4
Net margin	15%	14%	12%	11%	12%	14%	7%	6%	11%	10%	2%	7%
Diluted EPS	$0.90	$0.86	$0.66	$0.72	$0.81	$1.00	$0.38	$0.43	$0.87	$0.83	$0.11	$0.61
Operating cash flow	103	78.5	9.5	56.8	66.7	81.1	-19.1	62.8	92.0	106	-14.0	86.7
Capital expenditure	7.6	15.0	12.5	8.9	13.2	10.8	13.1	7.0	13.3	9.8	10.1	13.3
Free cash flow	95.2	63.5	-3.0	47.9	53.5	70.3	-32.2	55.8	78.7	96.0	-24.1	73.4
Dividends paid	7.9	7.9	9.1	9.2	9.1	9.2	9.7	9.8	9.7	9.8	10.3	10.4
Shares outstanding	57m	57m	57m	57m	57m	57m	57m	57m	57m	57m	58m	58m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 8 May 2024, accession 0001628280-24-021706: the filing on EDGAR. All of Crane Nxt, Co.'s filings: EDGAR company page.

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