Crawford United Corporation Announces Fourth Quarter and Full Year 2024 Results
Crawford United (OTC: CRAWA) reported strong financial results for Q4 and full-year 2024. Annual sales reached $150.2 million, up 4.4% from 2023, while net income grew 2.3% to $13.6 million. The company achieved earnings per share of $3.83 for the year and $1.11 for Q4.
Q4 performance showed significant growth with sales increasing 10.5% to $37.4 million and operating income rising 41% to $4.7 million compared to Q4 2023. EBITDA for 2024 reached $26.5 million, a 3.8% increase from the previous year.
The company completed two acquisitions in the aerospace and defense market during 2024 and notably achieved zero senior bank debt for the first time since 2017.
Crawford United (OTC: CRAWA) ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024. Le vendite annuali hanno raggiunto i 150,2 milioni di dollari, in aumento del 4,4% rispetto al 2023, mentre il reddito netto è cresciuto del 2,3% a 13,6 milioni di dollari. L'azienda ha ottenuto un utile per azione di 3,83 dollari per l'anno e di 1,11 dollari per il quarto trimestre.
Le performance del quarto trimestre hanno mostrato una crescita significativa con vendite in aumento del 10,5% a 37,4 milioni di dollari e reddito operativo in crescita del 41% a 4,7 milioni di dollari rispetto al quarto trimestre del 2023. L'EBITDA per il 2024 ha raggiunto i 26,5 milioni di dollari, con un aumento del 3,8% rispetto all'anno precedente.
L'azienda ha completato due acquisizioni nel mercato aerospaziale e della difesa durante il 2024 e ha raggiunto un debito bancario senior zero per la prima volta dal 2017.
Crawford United (OTC: CRAWA) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. Las ventas anuales alcanzaron los 150,2 millones de dólares, un aumento del 4,4% en comparación con 2023, mientras que el ingreso neto creció un 2,3% hasta 13,6 millones de dólares. La compañía logró ganancias por acción de 3,83 dólares para el año y 1,11 dólares para el cuarto trimestre.
El desempeño del cuarto trimestre mostró un crecimiento significativo con ventas que aumentaron un 10,5% hasta 37,4 millones de dólares y ingreso operativo que subió un 41% hasta 4,7 millones de dólares en comparación con el cuarto trimestre de 2023. El EBITDA para 2024 alcanzó los 26,5 millones de dólares, un aumento del 3,8% respecto al año anterior.
La compañía completó dos adquisiciones en el mercado aeroespacial y de defensa durante 2024 y logró un deuda bancaria senior cero por primera vez desde 2017.
크로포드 유나이티드 (OTC: CRAWA)는 2024년 4분기와 연간 강력한 재무 결과를 보고했습니다. 연간 매출은 1억 5천만 달러로, 2023년 대비 4.4% 증가했으며, 순이익은 2.3% 증가하여 1천3백60만 달러에 달했습니다. 이 회사는 연간 주당 수익 3.83달러, 4분기 1.11달러를 기록했습니다.
4분기 성과는 매출이 10.5% 증가하여 3천7백40만 달러에 이르고, 운영 소득이 41% 상승하여 470만 달러에 달하는 등 상당한 성장을 보였습니다. 2024년 EBITDA는 2천6백50만 달러로, 전년 대비 3.8% 증가했습니다.
회사는 2024년 항공우주 및 방산 시장에서 두 건의 인수를 완료했으며, 2017년 이후 처음으로 은행 고위 채무가 제로를 달성했습니다.
Crawford United (OTC: CRAWA) a annoncé de solides résultats financiers pour le quatrième trimestre et l'année complète 2024. Les ventes annuelles ont atteint 150,2 millions de dollars, en hausse de 4,4% par rapport à 2023, tandis que le revenu net a augmenté de 2,3% pour atteindre 13,6 millions de dollars. L'entreprise a réalisé un bénéfice par action de 3,83 dollars pour l'année et de 1,11 dollar pour le quatrième trimestre.
Les performances du quatrième trimestre ont montré une croissance significative avec une augmentation des ventes de 10,5% à 37,4 millions de dollars et une augmentation du revenu opérationnel de 41% à 4,7 millions de dollars par rapport au quatrième trimestre 2023. Le BAE pour 2024 a atteint 26,5 millions de dollars, soit une augmentation de 3,8% par rapport à l'année précédente.
L'entreprise a réalisé deux acquisitions sur le marché de l'aérospatiale et de la défense en 2024 et a atteint un niveau d'endettement bancaire senior nul pour la première fois depuis 2017.
Crawford United (OTC: CRAWA) hat starke finanzielle Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet. Die Jahresumsätze erreichten 150,2 Millionen Dollar, was einem Anstieg von 4,4% im Vergleich zu 2023 entspricht, während der Nettoertrag um 2,3% auf 13,6 Millionen Dollar wuchs. Das Unternehmen erzielte Gewinne pro Aktie von 3,83 Dollar für das Jahr und 1,11 Dollar für das vierte Quartal.
Die Leistung im vierten Quartal zeigte ein signifikantes Wachstum mit einem Umsatzanstieg von 10,5% auf 37,4 Millionen Dollar und einem Betriebsgewinn-Anstieg von 41% auf 4,7 Millionen Dollar im Vergleich zum vierten Quartal 2023. Das EBITDA für 2024 erreichte 26,5 Millionen Dollar, was einem Anstieg von 3,8% im Vergleich zum Vorjahr entspricht.
Das Unternehmen hat 2024 zwei Übernahmen im Luft- und Raumfahrt- sowie Verteidigungsmarkt abgeschlossen und erreichte erstmals seit 2017 einen Nullbetrag an Senior-Bankverbindlichkeiten.
- Q4 sales up 10.5% to $37.4M
- Q4 operating income increased 41% to $4.7M
- Annual sales grew 4.4% to $150.2M
- Net income up 2.3% to $13.6M
- Zero senior bank debt achieved
- Two strategic acquisitions completed in aerospace/defense sector
- Net income growth (2.3%) significantly slower than revenue growth (4.4%)
- EPS growth minimal at 1.6% ($3.77 to $3.83)
- Earnings per share of
$3.83 for the year and$1.11 for the quarter - Sales of
$150.2 million for the year, an increase of4.4% - Net income of
$13.6 million for the year, an increase of2.3% - EBITDA As Defined1 of
$26.5 million for the year, an increase of3.8%
CLEVELAND, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Crawford United Corporation (OTC: CRAWA), a growth-oriented holding company serving diverse markets, today reported results for the quarter and year ended December 31, 2024.
For the quarter ended December 31, 2024, sales were
For the year ended December 31, 2024, sales were
Brian Powers, President and CEO, stated, “We are pleased with the ongoing success of our business model and remain confident in our ability to achieve long-term strategic priorities. In 2024, we completed two acquisitions to strengthen our presence in the aerospace and defense market, yet we ended the year with zero senior bank debt for the first time since 2017. Crawford United is well positioned to pursue 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 HVAC coils as well as 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 and coatings 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, in particular the impact of any protectionist trade policies; (e) adverse effects from evolving geopolitical conditions, such as the military conflict in Ukraine and the Middle East; (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 on Form 10-K and the Company’s subsequent filings with the SEC.
Brian E. Powers
President & CEO
216-243-2449
bpowers@crawfordunited.com
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 | Years Ended | |||||||||||||||||||||||||||||||
| December 31, | December 31, | |||||||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||||
| Sales | $ | 37,386,329 | 100 | % | $ | 33,827,050 | 100 | % | $ | 150,198,284 | 100 | % | $ | 143,885,934 | 100 | % | ||||||||||||||||
| Cost of Sales | 27,084,231 | 72 | % | 26,081,729 | 77 | % | 108,552,189 | 72 | % | 106,239,852 | 74 | % | ||||||||||||||||||||
| Gross Profit | 10,302,098 | 28 | % | 7,745,321 | 23 | % | 41,646,095 | 28 | % | 37,646,082 | 26 | % | ||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 5,559,433 | 15 | % | 4,381,450 | 13 | % | 21,954,718 | 15 | % | 19,713,611 | 14 | % | ||||||||||||||||||||
| Operating Income | 4,742,665 | 13 | % | 3,363,871 | 10 | % | 19,691,377 | 13 | % | 17,932,471 | 12 | % | ||||||||||||||||||||
| Other (Income) Expenses: | ||||||||||||||||||||||||||||||||
| Interest charges | 193,729 | 0 | % | 225,256 | 0 | % | 997,757 | 1 | % | 1,255,984 | 1 | % | ||||||||||||||||||||
| Loss (gain) on investments | — | 0 | % | (24,370 | ) | 0 | % | 367,407 | 0 | % | (7,330 | ) | 0 | % | ||||||||||||||||||
| Other (income) expense | 311,280 | 1 | % | (134,762 | ) | 0 | % | 680,998 | 0 | % | (480,331 | ) | -1 | % | ||||||||||||||||||
| Total Other (Income) and Expenses | 505,009 | 1 | % | 66,124 | 0 | % | 2,046,162 | 1 | % | 768,323 | 0 | % | ||||||||||||||||||||
| Income before Income Taxes | 4,237,656 | 11 | % | 3,297,747 | 10 | % | 17,645,215 | 12 | % | 17,164,148 | 12 | % | ||||||||||||||||||||
| Income tax expense | 289,241 | 0 | % | 60,505 | 0 | % | 4,047,248 | 3 | % | 3,869,355 | 3 | % | ||||||||||||||||||||
| Net income | $ | 3,948,415 | 11 | % | $ | 3,237,242 | 10 | % | $ | 13,597,967 | 9 | % | $ | 13,294,793 | 9 | % | ||||||||||||||||
| Net income per common share | ||||||||||||||||||||||||||||||||
| Basic | $ | 1.12 | $ | 0.92 | $ | 3.84 | $ | 3.79 | ||||||||||||||||||||||||
| Diluted | $ | 1.11 | $ | 0.91 | $ | 3.83 | $ | 3.77 | ||||||||||||||||||||||||
| Weighted average shares outstanding | ||||||||||||||||||||||||||||||||
| Basic | 3,539,396 | 3,510,740 | 3,538,461 | 3,507,883 | ||||||||||||||||||||||||||||
| Diluted | 3,562,841 | 3,544,043 | 3,553,008 | 3,526,836 | ||||||||||||||||||||||||||||
| 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 | Years Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net income | $ | 3,948,415 | $ | 3,237,242 | $ | 13,597,967 | $ | 13,294,793 | ||||||||
| Addback: | ||||||||||||||||
| Interest charges | 193,729 | 225,256 | 997,757 | 1,255,984 | ||||||||||||
| Income tax expense | 289,241 | 60,505 | 4,047,248 | 3,869,355 | ||||||||||||
| Depreciation and amortization | 1,094,679 | 765,182 | 4,134,360 | 3,921,740 | ||||||||||||
| Non-cash stock-based compensation expense | 232,225 | 224,318 | 1,309,029 | 1,377,423 | ||||||||||||
| Reduction in carrying amount of right of use assets | 350,887 | 453,484 | 1,432,132 | 1,720,844 | ||||||||||||
| Loss (gain) on investments in equity securities | - | (24,370 | ) | 367,407 | (7,330 | ) | ||||||||||
| Non-recurring transaction charges | 311,385 | 136,575 | 652,807 | 136,575 | ||||||||||||
| EBITDA As Defined | $ | 6,420,561 | $ | 5,078,192 | $ | 26,538,707 | $ | 25,569,384 | ||||||||
FAQ
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