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Crawford United Corporation Announces First Quarter 2024 Results

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Crawford United reported sales of $38.4 million for the first quarter of 2024, showing a $4.6 million increase from the prior quarter. The net income was $3.0 million with earnings per share of $0.85.

Despite a 2.6% decrease in sales compared to the same period in 2023, the company recorded operating income of $4.6 million. EBITDA As Defined was $6.7 million for the quarter, reflecting a 3.4% decrease from the previous year.

Crawford United ha riportato vendite per 38,4 milioni di dollari nel primo trimestre del 2024, con un aumento di 4,6 milioni di dollari rispetto al trimestre precedente. L'utile netto è stato di 3,0 milioni di dollari con un guadagno per azione di 0,85 dollari. Nonostante una diminuzione del 2,6% nelle vendite rispetto allo stesso periodo del 2023, l'azienda ha registrato un reddito operativo di 4,6 milioni di dollari. L'EBITDA così definito è stato di 6,7 milioni di dollari per il trimestre, con una diminuzione del 3,4% rispetto all'anno precedente.
Crawford United reportó ventas de 38,4 millones de dólares para el primer trimestre de 2024, lo que supone un aumento de 4,6 millones de dólares con respecto al trimestre anterior. Las ganancias netas fueron de 3,0 millones de dólares, con un beneficio por acción de 0,85 dólares. A pesar de una disminución del 2,6% en ventas en comparación con el mismo periodo de 2023, la compañía registró un ingreso operativo de 4,6 millones de dólares. El EBITDA definido fue de 6,7 millones de dólares para el trimestre, reflejando una disminución del 3,4% respecto al año anterior.
Crawford United는 2024년 첫 분기에 3840만 달러의 매출을 보고했으며, 전 분기 대비 460만 달러 증가했습니다. 순이익은 300만 달러이며 주당 이익은 0.85달러였습니다. 2023년 동기 대비 매출이 2.6% 감소했음에도 불구하고 회사는 460만 달러의 운영 수익을 기록했습니다. 정의된 EBITDA는 전년 대비 3.4% 감소한 670만 달러였습니다.
Crawford United a rapporté des ventes de 38,4 millions de dollars pour le premier trimestre de 2024, enregistrant une augmentation de 4,6 millions de dollars par rapport au trimestre précédent. Le bénéfice net s'élevait à 3,0 millions de dollars, avec un bénéfice par action de 0,85 dollar. Malgré une baisse de 2,6 % des ventes par rapport à la même période en 2023, l'entreprise a enregistré un revenu d'exploitation de 4,6 millions de dollars. L'EBITDA tel que défini était de 6,7 millions de dollars pour le trimestre, reflétant une baisse de 3,4 % par rapport à l'année précédente.
Crawford United meldete für das erste Quartal 2024 einen Umsatz von 38,4 Millionen Dollar, was einem Anstieg von 4,6 Millionen Dollar gegenüber dem vorherigen Quartal entspricht. Der Nettogewinn betrug 3,0 Millionen Dollar bei einem Gewinn pro Aktie von 0,85 Dollar. Trotz eines Umsatzrückgangs von 2,6% im Vergleich zum gleichen Zeitraum des Jahres 2023 erzielte das Unternehmen einen Betriebsertrag von 4,6 Millionen Dollar. Das als definierte EBITDA lag bei 6,7 Millionen Dollar für das Quartal, was einen Rückgang von 3,4% gegenüber dem Vorjahr widerspiegelt.
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  • Sales of $38.4 million for the quarter
  • $4.6 million sequential increase in sales from prior quarter
  • Net income of $3.0 million  
  • Earnings per share of $0.85 
  • EBITDA As Defined1 of $6.7 million 

CLEVELAND, April 30, 2024 (GLOBE NEWSWIRE) -- Crawford United Corporation (OTC: CRAWA), a growth-oriented holding company serving diverse markets, today reported results for the quarter ended March 31, 2024.

For the quarter ended March 31, 2024, sales were $38.4 million compared with $39.5 million in the same period in 2023, a decrease of 2.6%. In the quarter, the Company recorded operating income of $4.6 million compared with operating income of $5.1 million in the same period of the prior year, a decrease of 10.6%. Net income was $3.0 million, or $0.85 per fully diluted share, compared to $3.4 million, or $0.97 per fully diluted share, in the first quarter of 2023, a decrease of 11.6%. EBITDA As Defined was $6.7 million in the quarter compared to $6.9 million in the same period of the prior year, a decrease of 3.4%.

Brian Powers, President and CEO, stated “While the first quarter of 2024 was not quite as strong as our record-breaking first quarter of 2023, it is a $4.6 million sequential improvement in sales compared to the fourth quarter of 2023.  Crawford United remains well positioned to pursue strategic opportunities for increased revenue and profitability, always with an eye towards additional acquisitions.”

About Crawford United Corporation.
Crawford United Corporation is a growth-oriented holding company providing specialty industrial products to diverse markets, including healthcare, education, aerospace, defense, and transportation. The company currently operates two business segments. The Commercial Air Handling Equipment segment is a leader in designing, manufacturing, and installing highly customized, large-scale commercial, institutional, and industrial air handling solutions, primarily for hospitals and universities. The Industrial & Transportation Products segment provides highly complex precision components to customers in the aerospace and defense industries, as well as a full line of branded metal, silicone, plastic, rubber, hydraulic, marine and fuel hose products. For more information, go to www.crawfordunited.com.

Information about Forward Looking Statements.
This press release contains forward-looking statements within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements made regarding the company’s future results. Generally, these statements can be identified by the use of words such as “guidance,” “outlook,” “believes,” “estimates,” “anticipates,” “expects,” “forecasts,” “seeks,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could,” “would” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements, or other statements made by the Company, are made based on management's expectations and beliefs concerning future events impacting the Company and are subject to uncertainties and factors (including, but not limited to, those specified below) which are difficult to predict and, in many instances, are beyond the control of the Company. As a result, actual results of the Company could differ materially from those expressed in or implied by any such forward-looking statements. These uncertainties and factors include (a) shortages in supply or increased costs of necessary products, components or raw materials from the Company’s suppliers; (b) availability shortages or increased costs of freight and labor for the Company and/or its suppliers; (c) actions that governments, businesses and individuals take in response to public health crises, including mandatory business closures and restrictions on onsite commercial interactions; (d) conditions in the global and regional economies and economic activity, including slow economic growth or recession, inflation, currency and credit market volatility, reduced capital expenditures and changes in government trade, fiscal, tax and monetary policies; (e) adverse effects from evolving geopolitical conditions, such as the military conflicts in Ukraine and Israel; (f) the Company's ability to effectively integrate acquisitions, and manage the larger operations of the combined businesses, (g) the Company's dependence upon a limited number of customers and the aerospace industry, (h) the highly competitive industries in which the Company operates, which includes several competitors with greater financial resources and larger sales organizations, (i) the Company's ability to capitalize on market opportunities in certain sectors, (j) the Company's ability to obtain cost effective financing and (k) the Company's ability to satisfy obligations under its financing arrangements, and the other risks described in “Item 1A. Risk Factors” in our Annual Report Form 10-K and the Company’s subsequent filings with the SEC.

Brian E. Powers
President & CEO
216-243-2449
bpowers@crawfordunited.com 
“Crawford United has a great future behind it.


1 EBITDA As Defined is a Non-GAAP financial measure. Please refer to the definition and table at the end of this release for a reconciliation of EBITDA As Defined to net income.

 
CRAWFORD UNITED CORPORATION
Consolidated Income Statement (Unaudited)
 
  Three Months Ended 
  March 31, 
           
  2024   2023  
Sales $38,439,639100% $39,484,356100%
Cost of Sales  28,194,60673%  28,967,80473%
Gross Profit  10,245,03327%  10,516,55227%
           
Operating Expenses:          
Selling, general and administrative expenses  5,670,94315%  5,397,28514%
Operating Income  4,574,09012%  5,119,26713%
           
Other (Income) Expenses:          
Interest charges  237,8411%  369,8021%
(Gain) loss on investments  118,0770%  59,0330%
Other (income) expense  72,2630%  9970%
Total Other (Income) and Expenses  428,1811%  429,8321%
Income before Income Taxes  4,145,90911%  4,689,43512%
Income tax expense  1,149,0243%  1,297,9623%
Net income $2,996,8858% $3,391,4739%
           
Net income per common share          
Basic $0.85   $0.97  
Diluted $0.85   $0.97  
           
Weighted average shares outstanding          
Basic  3,533,012    3,502,824  
Diluted  3,538,292    3,502,824  
 
 

CRAWFORD UNITED CORPORATION
Supplemental Non-GAAP Financial Measures (Unaudited)

EBITDA As Defined is a non-GAAP financial measure that reflects net income before interest expense, income taxes, depreciation and amortization, and also excludes certain charges and corporate-level expenses as defined in the Company's current revolving credit facility. The Company presents this non-GAAP financial measure because management uses EBITDA As Defined to assess the Company's performance and believes that EBITDA As Defined is useful to investors as an indication of the Company's compliance with its financial covenants in its revolving credit facility. Additionally, EBITDA As Defined is a measure used under the Company's revolving credit facility to determine whether the Company may incur additional debt under such facility. EBITDA As Defined is not a measure of performance under GAAP and should not be considered in isolation from, or as a substitute for, net income or cash flow information calculated in accordance with GAAP. EBITDA As Defined herein may not be comparable to similarly titled measures of other companies. The following table reconciles net income to EBITDA As Defined:

  Three Months Ended 
  March 31, 
         
  2024  2023 
Net income $2,996,885  $3,391,473 
Addback:        
Interest charges  237,841   369,802 
Income tax expense  1,149,024   1,297,962 
Depreciation and amortization  1,030,294   911,625 
Non-cash stock-based compensation expense  612,354   492,665 
Amortization of right of use assets  453,669   397,536 
Unrealized loss (gain) on investments in equity securities  118,077   59,033 
Non-recurring transaction charges  89,063   - 
         
EBITDA As Defined $6,687,207  $6,920,096 


FAQ

What were the sales figures for Crawford United in the first quarter of 2024?

Crawford United reported sales of $38.4 million for the first quarter of 2024.

What was the net income for Crawford United in the first quarter of 2024?

The net income for Crawford United in the first quarter of 2024 was $3.0 million.

What was the earnings per share for Crawford United in the first quarter of 2024?

The earnings per share for Crawford United in the first quarter of 2024 was $0.85.

What was the EBITDA As Defined for Crawford United in the first quarter of 2024?

The EBITDA As Defined for Crawford United in the first quarter of 2024 was $6.7 million.

How did Crawford United 's sales performance in the first quarter of 2024 compare to the same period in 2023?

Crawford United 's sales in the first quarter of 2024 decreased by 2.6% compared to the same period in 2023.

CRAWFORD UNITED CORP

OTC:CRAWA

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134.55M
433.90k
84.48%
1.89%
Specialty Industrial Machinery
Industrials
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United States of America
Cleveland