STOCK TITAN

Crawford United Corporation Announces Second Quarter 2024 Results

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags

Crawford United (OTC: CRAWA) reported its Q2 2024 results, showing mixed performance. The company saw a 1.9% increase in sales to $37.6 million for the quarter, but experienced declines in other key metrics. Net income decreased by 14.7% to $3.3 million, or $0.92 per diluted share. EBITDA As Defined fell by 9.5% to $6.7 million.

For the year-to-date period, Crawford United reported a slight decrease in sales of 0.4% to $76.1 million. Net income for this period was $6.3 million, or $1.77 per diluted share, representing a 13.3% decrease from the same period in 2023. Despite these challenges, the company's CEO, Brian Powers, noted sequential improvements in various metrics compared to Q1 2024 and expressed optimism about future strategic opportunities.

Crawford United (OTC: CRAWA) ha riportato i risultati del Q2 2024, mostrando performance contrastanti. L'azienda ha registrato un incremento delle vendite dell'1,9% a 37,6 milioni di dollari per il trimestre, ma ha visto un calo in altri indicatori chiave. Il reddito netto è diminuito del 14,7% a 3,3 milioni di dollari, ovvero 0,92 dollari per azione diluita. L'EBITDA come definito è sceso del 9,5% a 6,7 milioni di dollari.

Per il periodo dall'inizio dell'anno, Crawford United ha riportato un leggero calo delle vendite dello 0,4% a 76,1 milioni di dollari. Il reddito netto per questo periodo è stato di 6,3 milioni di dollari, ovvero 1,77 dollari per azione diluita, rappresentando un decremento del 13,3% rispetto allo stesso periodo del 2023. Nonostante queste sfide, il CEO dell'azienda, Brian Powers, ha sottolineato miglioramenti sequenziali in vari indicatori rispetto al Q1 2024 ed ha espresso ottimismo riguardo alle future opportunità strategiche.

Crawford United (OTC: CRAWA) informó sus resultados del Q2 2024, mostrando un rendimiento mixto. La compañía vio un incremento del 1.9% en las ventas a 37.6 millones de dólares para el trimestre, pero experimentó caídas en otros métricas clave. El ingreso neto disminuyó un 14.7% a 3.3 millones de dólares, o 0.92 dólares por acción diluida. El EBITDA tal como se definió cayó un 9.5% a 6.7 millones de dólares.

Para el periodo acumulado del año, Crawford United reportó una ligera disminución en las ventas del 0.4% a 76.1 millones de dólares. El ingreso neto para este periodo fue de 6.3 millones de dólares, o 1.77 dólares por acción diluida, lo que representa una disminución del 13.3% en comparación con el mismo periodo de 2023. A pesar de estos desafíos, el CEO de la compañía, Brian Powers, destacó mejoras secuenciales en varias métricas en comparación con el Q1 2024 y expresó optimismo sobre futuras oportunidades estratégicas.

Crawford United (OTC: CRAWA)는 2024년 2분기 실적을 발표하면서 혼합된 성과를 보였습니다. 이번 분기 동안 매출이 1.9% 증가하여 3,760만 달러에 달했지만, 다른 주요 지표에서 하락세를 보였습니다. 순이익은 14.7% 감소하여 330만 달러, 또는 희석주당 0.92 달러를 기록했습니다. 정의된 EBITDA는 9.5% 하락하여 670만 달러에 이르렀습니다.

연도 초부터 현재까지 Crawford United는 매출이 0.4% 감소한 7,610만 달러를 보고했습니다. 이 기간 동안 순이익은 630만 달러, 즉 희석주당 1.77 달러로, 2023년 같은 기간 대비 13.3% 감소한 수치를 나타냈습니다. 이러한 어려움에도 불구하고, 회사의 CEO인 Brian Powers는 2024년 1분기와 비교해 다양한 지표에서 순차적인 개선을 언급하며 향후 전략적 기회에 대한 낙관적인 견해를 보였습니다.

Crawford United (OTC: CRAWA) a publié ses résultats du 2ème trimestre 2024, montrant une performance mixte. L'entreprise a enregistré une augmentation des ventes de 1,9% à 37,6 millions de dollars pour le trimestre, mais a connu des baisses dans d'autres indicateurs clés. Le revenu net a diminué de 14,7% à 3,3 millions de dollars, soit 0,92 dollar par action diluée. L'EBITDA selon la définition a chuté de 9,5% à 6,7 millions de dollars.

Pour la période depuis le début de l'année, Crawford United a rapporté une légère baisse des ventes de 0,4% à 76,1 millions de dollars. Le revenu net pour cette période était de 6,3 millions de dollars, soit 1,77 dollar par action diluée, représentant une baisse de 13,3% par rapport à la même période en 2023. Malgré ces défis, le PDG de l'entreprise, Brian Powers, a noté des améliorations séquentielles dans divers indicateurs par rapport au 1er trimestre 2024 et a exprimé un optimisme concernant les futures opportunités stratégiques.

Crawford United (OTC: CRAWA) hat seine Ergebnisse für das 2. Quartal 2024 veröffentlicht, die eine gemischte Leistung zeigen. Das Unternehmen verzeichnete einen Umsatzanstieg von 1,9% auf 37,6 Millionen Dollar für das Quartal, erlebte jedoch Rückgänge bei anderen wichtigen Kennzahlen. Der Nettogewinn sank um 14,7% auf 3,3 Millionen Dollar oder 0,92 Dollar pro verwässerter Aktie. Das EBITDA nach Definition fiel um 9,5% auf 6,7 Millionen Dollar.

Für den Zeitraum seit Jahresbeginn meldete Crawford United einen geringen Rückgang des Umsatzes von 0,4% auf 76,1 Millionen Dollar. Der Nettogewinn für diesen Zeitraum betrug 6,3 Millionen Dollar oder 1,77 Dollar pro verwässerter Aktie, was einen Rückgang von 13,3% im Vergleich zum gleichen Zeitraum 2023 darstellt. Trotz dieser Herausforderungen stellte der CEO des Unternehmens, Brian Powers, sequenzielle Verbesserungen bei verschiedenen Kennzahlen im Vergleich zum 1. Quartal 2024 fest und äußerte Optimismus bezüglich zukünftiger strategischer Möglichkeiten.

Positive
  • Quarterly sales increased by 1.9% to $37.6 million
  • Sequential improvements in gross profit, gross margin percentage, net income, and earnings per share compared to Q1 2024
  • Company remains positioned for strategic opportunities and potential acquisitions
Negative
  • Quarterly net income decreased by 14.7% to $3.3 million
  • Quarterly EBITDA As Defined fell by 9.5% to $6.7 million
  • Year-to-date sales decreased by 0.4% to $76.1 million
  • Year-to-date net income decreased by 13.3% to $6.3 million
  • Year-to-date EBITDA As Defined decreased by 6.9% to $13.4 million
  • Earnings per share of $0.92 for the quarter and $1.77 year-to-date
  • Sales of $37.6 million for the quarter, an increase of 1.9%
  • Net income of $3.3 million for the quarter and $6.3 million year-to-date
  • EBITDA As Defined1 of $6.7 million for the quarter and $13.4 million year-to-date

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

For the quarter ended June 30, 2024, sales were $37.6 million compared with $36.9 million in the same period in 2023, an increase of 1.9%. In the quarter, the Company recorded operating income of $5.1 million compared with operating income of $5.2 million in the same period of the prior year, a decrease of 0.7%. Net income was $3.3 million or $0.92 per fully diluted share, compared to $3.9 million or $1.09 per fully diluted share, in the second quarter of 2023, a decrease of 14.7%. EBITDA As Defined was $6.7 million in the quarter compared to $7.4 million in the same period of the prior year, a decrease of 9.5%.

For the year-to-date period ended June 30, 2024, sales were $76.1 million compared with $76.4 million in the same period in 2023, a decrease of 0.4%. For the year-to-date period, the Company recorded operating income of $9.7 million compared with operating income of $10.3 million in the same period of the prior year, a decrease of 5.7%. Net income was $6.3 million or $1.77 per fully diluted share, compared to $7.2 million or $2.07 per fully diluted share, in the same period of 2023, a decrease of 13.3%. EBITDA As Defined was $13.4 million in the year-to-date period compared to $14.4 million in the same period of the prior year, a decrease of 6.9%.

Brian Powers, President and CEO, stated “While the second quarter of 2024 was not quite as strong as our record-breaking second quarter of 2023, we saw sequential improvements in gross profit, gross margin percentage, net income and earnings per share compared to the first quarter of 2024. 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  Six Months Ended 
 June 30,  June 30, 
                    
 2024   2023   2024   2023  
Sales$37,636,088 100% $36,933,015 100% $76,075,727100% $76,417,371 100%
Cost of Sales 27,224,773 72%  26,458,137 72%  55,419,37973%  55,425,942 73%
Gross Profit 10,411,315 28%  10,474,878 28%  20,656,34827%  20,991,429 27%
                    
Operating Expenses:                   
Selling, general and administrative expenses 5,295,134 14%  5,322,514 14%  10,966,07714%  10,719,797 14%
Operating Income 5,116,181 14%  5,152,364 14%  9,690,27113%  10,271,632 13%
                    
Other (Income) Expenses:                   
Interest charges 304,057 1%  366,101 1%  541,8981%  735,904 1%
Loss (gain) on investments 261,389 1%  (177,515)0%  379,4661%  (118,482)0%
Other (income) expense (5,557)0%  (345,968)-1%  66,7060%  (344,971)-1%
Total Other (Income) and Expenses 559,889 2%  (157,382)0%  988,0702%  272,451 0%
Income before Income Taxes 4,556,292 12%  5,309,746 14%  8,702,20111%  9,999,181 13%
Income tax expense 1,272,836 3%  1,458,404 4%  2,421,8603%  2,756,366 4%
Net income$3,283,456 9% $3,851,342 10% $6,280,3418% $7,242,815 9%
                    
Net income per common share                   
Basic$0.93    $1.10    $1.78   $2.07   
Diluted$0.92    $1.09    $1.77   $2.07   
                    
Weighted average shares outstanding                   
Basic 3,540,656     3,507,108     3,536,834    3,504,978   
Diluted 3,552,513     3,518,386     3,545,473    3,507,286   


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  Six Months Ended 
  June 30,  June 30, 
                 
  2024  2023  2024  2023 
Net income $3,283,456  $3,851,342  $6,280,341  $7,242,815 
Addback:                
Interest charges  304,057   366,101   541,898   735,904 
Income tax expense  1,272,836   1,458,404   2,421,860   2,756,366 
Depreciation and amortization  975,086   1,112,671   2,005,380   2,024,296 
Non-cash stock-based compensation expense  232,225   436,123   844,579   928,788 
Amortization of right of use assets  327,683   394,846   781,352   792,382 
Loss (gain) on investments in equity securities  261,389   (177,515)  379,466   (118,482)
Non-recurring transaction charges  23,588   -   112,651   - 
                 
EBITDA As Defined $6,680,320  $7,441,972  $13,367,527  $14,362,068 



FAQ

What were Crawford United's (CRAWA) earnings per share in Q2 2024?

Crawford United (CRAWA) reported earnings per share of $0.92 for the second quarter of 2024.

How did Crawford United's (CRAWA) Q2 2024 sales compare to the previous year?

Crawford United's (CRAWA) Q2 2024 sales increased by 1.9% to $37.6 million compared to the same period in 2023.

What was Crawford United's (CRAWA) net income for Q2 2024?

Crawford United (CRAWA) reported a net income of $3.3 million for the second quarter of 2024.

How did Crawford United's (CRAWA) year-to-date performance in 2024 compare to 2023?

Crawford United's (CRAWA) year-to-date performance in 2024 showed a 0.4% decrease in sales and a 13.3% decrease in net income compared to the same period in 2023.

CRAWFORD UNITED CORP

OTC:CRAWA

CRAWA Rankings

CRAWA Latest News

CRAWA Stock Data

122.16M
435.25k
84.48%
1.89%
Specialty Industrial Machinery
Industrials
Link
United States of America
Cleveland