Crane NXT Sees FY24 EPS $4.10-$4.35 Vs $4.26 Est.; Raises Sales Growth Guidance To 5%-8% ( Previous -1% To 3%)
Portfolio Pulse from Benzinga Newsdesk
Crane NXT updates its FY24 guidance, raising sales growth forecasts to 5%-8% from the previous -1% to 3%, following the acquisition of OpSec Security. The EPS guidance remains unchanged at $4.10-$4.35. Adjusted segment operating margin is slightly revised to 26%-28% from the initial 27%-29%. Other financial metrics including corporate expense, non-operating expense, adjusted tax rate, and free cash flow conversion remain consistent with prior forecasts.
May 08, 2024 | 8:36 pm
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Crane NXT raises FY24 sales growth guidance to 5%-8% from -1% to 3%, maintains EPS at $4.10-$4.35, after acquiring OpSec Security. Operating margin forecast slightly lowered.
The upward revision in sales growth guidance following the acquisition of OpSec Security indicates a positive outlook on Crane NXT's revenue growth, likely due to synergies or expanded market reach from the acquisition. The unchanged EPS guidance suggests that the company is managing its expenses and integration costs effectively. However, the slight adjustment in operating margin forecasts could indicate some near-term cost pressures or investment in integration. Overall, the positive revision in sales growth is likely to be viewed favorably by investors, potentially leading to a short-term positive impact on CXT's stock price.
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