Crane NXT delivered third quarter results that surpassed Wall Street’s revenue and non-GAAP profit expectations, yet the market reacted negatively. Management attributed the quarter’s performance to sustained momentum in its international currency business, where strong order activity and new customer wins—particularly in Latin America—drove growth. CEO Aaron Saak emphasized that the company’s micro-optics technology was specified in nine new currency denominations year-to-date, highlighting ongoing demand for advanced anti-counterfeiting features. Despite robust performance in currency, management noted continued softness in CPI’s vending segment, citing customer delays after recent price increases driven by tariffs.
Is now the time to buy CXT? Find out in our full research report (it’s free for active Edge members).
Crane NXT (CXT) Q3 CY2025 Highlights:
- Revenue: $445.1 million vs analyst estimates of $429.8 million (10.3% year-on-year growth, 3.6% beat)
- Adjusted EPS: $1.28 vs analyst estimates of $1.26 (1.8% beat)
- Adjusted EBITDA: $122.4 million vs analyst estimates of $117.7 million (27.5% margin, 4% beat)
- Management lowered its full-year Adjusted EPS guidance to $4.05 at the midpoint, a 2.4% decrease
- Operating Margin: 18.4%, in line with the same quarter last year
- Backlog: $557 million at quarter end
- Organic Revenue rose 1.4% year on year vs analyst estimates of 1.7% declines (314.3 basis point beat)
- Market Capitalization: $3.52 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Crane NXT’s Q3 Earnings Call
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Matt Summerville (D.A. Davidson) asked if international currency backlog meant the company was effectively sold out for next year. CEO Aaron Saak clarified that while some 2027 orders were being taken, the company is confident in its 2026 backlog and is making investments to increase capacity.
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Bob Labick (CJS Securities) queried the source of vending weakness in CPI and whether it signaled a broader trend. Saak attributed it to ongoing customer purchase delays after tariff-driven price hikes and said the outlook remains cautious.
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Damian Karas (UBS) sought clarity on the timing and financial impact of U.S. currency redesigns, especially the $10 and $50 bills. Saak explained the $10 bill is on track for production next year, while the $50 redesign is in early stages and not expected to impact results until after 2027.
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Unknown Analyst (Baird) asked about customer receptivity to the transition from De La Rue holographic products to micro-optics. Saak reported minimal revenue loss and strong customer acceptance, with transitions driving higher margins.
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Robert Brooks (Northland Capital Markets) inquired about drivers behind international currency order strength and whether authentication contributed to growth. Saak and CFO Christina Cristiano confirmed order timing and emerging market demand were key, with some contribution from authentication.
Catalysts in Upcoming Quarters
Over the next few quarters, the StockStory team will closely watch (1) the pace at which Crane NXT ramps production and delivery of international currency orders, (2) the integration progress and initial financial contributions from the Antares Vision acquisition, and (3) whether vending demand in CPI stabilizes or remains under pressure. The successful launch of the new $10 bill and continued margin expansion in services will also serve as important signposts.
Crane NXT currently trades at $61.28, down from $64.12 just before the earnings. Is there an opportunity in the stock?See for yourself in our full research report (it’s free for active Edge members).
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