cxt-20240630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

Mark One:


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from to

Commission File Number: 1-1657

CRANE NXT, CO.

(Exact name of registrant as specified in its charter)



Delaware						88-0706021
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


950 Winter Street 4th Floor North	Waltham	MA	02451
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: 781-755-6868

(Not Applicable)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $1.00	CXT	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non–accelerated filer, or a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

(check one):

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares outstanding of the issuer’s classes of common stock, as of July 31, 2024

Common stock, $1.00 Par Value – 57,137,005 shares

Crane NXT, Co.

Table of Contents

Form 10-Q

Page

Part I - Financial Information

Item 1.

Financial Statements

Consolidated and Combined Condensed Statements of Operations

Page 3

Consolidated and Combined Condensed Statements of Comprehensive Income

Page 4

Consolidated and Condensed Balance Sheets

Page 5

Consolidated and Combined Condensed Statements of Cash Flows

Page 7

Consolidated and Combined Condensed Statements of Changes in Equity

Page 9

Notes to Consolidated and Combined Condensed Financial Statements

Page 11

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Page 26

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Page 35

Item 4.

Controls and Procedures

Page 35

Part II - Other Information

Page 36

Page 36

Unregistered Sales of Equity Securities and Use of Proceeds

Page 36

Item 3.

Defaults Upon Senior Securities

Page 36

Item 4.

Mine Safety Disclosures

Page 36

Page 36

Page 37

Page 38

PART I: FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

CRANE NXT, CO. AND SUBSIDIARIES

CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF OPERATIONS

(UNAUDITED)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions, except per share data)	2024		2023		2024		2023
Net sales	$	370.6	$	352.4	$	684.2	$	681.5
Operating costs and expenses:
Cost of sales	209.7		184.0		370.9		358.4
Selling, general and administrative	93.3		99.6		187.6		188.4


Restructuring charges, net	—		—		2.7		—
Operating profit	67.6		68.8		123.0		134.7
Other income (expense):
Interest income	0.4		0.2		1.0		0.4
Interest expense	(12.4)		(14.1)		(22.3)		(24.5)
Related party interest expense	—		—		—		(2.5)
Miscellaneous (expense) income, net	(0.2)		1.0		0.4		2.4
Total other expense, net	(12.2)		(12.9)		(20.9)		(24.2)
Income before income taxes	55.4		55.9		102.1		110.5
Provision for income taxes	13.8		12.7		22.7		23.6




Net income attributable to common shareholders	$	41.6	$	43.2	$	79.4	$	86.9

Earnings per share:


Basic	$	0.73	$	0.76	$	1.39	$	1.53
Diluted	$	0.72	$	0.75	$	1.38	$	1.51





Average shares outstanding:
Basic	57.1		56.8		57.1		56.8
Diluted	57.8		57.4		57.7		57.4

Dividends per share	$	0.16	$	0.14	$	0.32	$	0.14

See Notes to Unaudited Consolidated and Combined Condensed Financial Statements.

CRANE NXT, CO. AND SUBSIDIARIES

CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

Three Months Ended

Six Months Ended

June 30,

(in millions)

2024

2023

2024

SEC Form 10-Q filed by Crane NXT Co.