Crane NXT, Co. reported third quarter 2024 sales of $403.5 million, an increase of 14.3% compared to the third quarter of 2023. This growth was primarily driven by a $32.3 million sales benefit from the acquired OpSec Security business and $16.7 million in core sales growth, representing a 4.7% increase. Operating profit for the quarter was $75.0 million, down from $79.7 million in the prior year, with an operating profit margin of 18.6% compared to 22.6%.
The Crane Payment Innovations (CPI) segment reported sales of $224.9 million, up 1.5% due to core sales growth. Its operating profit margin increased by 180 basis points to 28.7%, reflecting favorable pricing, lower manufacturing costs, and productivity gains. The Security and Authentication Technologies (SAT) segment saw sales increase by 36.0% to $178.6 million, driven by the OpSec acquisition and 10.2% core sales growth. However, SAT's operating profit margin decreased to 16.4% from 25.0% due to the dilutive impact of the OpSec acquisition and changes in the Currency business.
Cash provided by operating activities was $66.7 million, down from $102.8 million in the prior year, primarily due to higher working capital requirements. The company repaid $65.0 million on its revolving credit facility during the quarter, reducing net leverage to approximately 1.7 times. Crane NXT narrowed its full-year 2024 Adjusted EPS guidance to a range of $4.22 to $4.30 and declared a quarterly dividend of $0.16 per share for the fourth quarter of 2024.
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