Crawford United Corporation Announces Third Quarter 2024 Results
Crawford United (OTC: CRAWA) reported strong Q3 2024 results with sales of $36.7 million, up 9.2% from Q3 2023. Operating income increased 22.4% to $5.3 million, while net income rose 19.7% to $3.4 million ($0.95 per share). Year-to-date sales reached $112.8 million, up 2.5% from 2023, with operating income increasing 2.6% to $14.9 million. However, year-to-date net income decreased 4.1% to $9.6 million ($2.72 per share). The company completed two acquisitions in 2024, including Advanced Industrial Coatings, strengthening its presence in aerospace and defense markets.
Crawford United (OTC: CRAWA) ha riportato risultati solidi per il terzo trimestre del 2024 con vendite di 36,7 milioni di dollari, in aumento del 9,2% rispetto al terzo trimestre del 2023. L'utile operativo è aumentato del 22,4% a 5,3 milioni di dollari, mentre l'utile netto è cresciuto del 19,7% a 3,4 milioni di dollari (0,95 dollari per azione). Le vendite da inizio anno hanno raggiunto 112,8 milioni di dollari, in aumento del 2,5% rispetto al 2023, con un aumento dell'utile operativo del 2,6% a 14,9 milioni di dollari. Tuttavia, l'utile netto da inizio anno è diminuito del 4,1% a 9,6 milioni di dollari (2,72 dollari per azione). L'azienda ha completato due acquisizioni nel 2024, tra cui Advanced Industrial Coatings, rafforzando la sua presenza nei mercati dell'aerospazio e della difesa.
Crawford United (OTC: CRAWA) reportó resultados sólidos para el tercer trimestre de 2024 con ventas de 36,7 millones de dólares, un aumento del 9,2% en comparación con el tercer trimestre de 2023. El ingreso operativo aumentó un 22,4% a 5,3 millones de dólares, mientras que el ingreso neto subió un 19,7% a 3,4 millones de dólares (0,95 dólares por acción). Las ventas acumuladas hasta la fecha alcanzaron los 112,8 millones de dólares, un aumento del 2,5% en comparación con 2023, con un incremento del ingreso operativo del 2,6% a 14,9 millones de dólares. Sin embargo, el ingreso neto acumulado disminuyó un 4,1% a 9,6 millones de dólares (2,72 dólares por acción). La compañía completó dos adquisiciones en 2024, incluyendo Advanced Industrial Coatings, fortaleciendo su presencia en los mercados aeroespacial y de defensa.
Crawford United (OTC: CRAWA)는 2024년 3분기 실적을 발표하며 3670만 달러의 매출을 올렸고, 이는 2023년 3분기 대비 9.2% 증가한 수치입니다. 운영 수익은 22.4% 증가하여 530만 달러에 달했으며, 순익은 19.7% 증가하여 340만 달러(주당 0.95달러)에 이르렀습니다. 현재까지의 매출은 1억 1280만 달러에 달하며, 이는 2023년 대비 2.5% 증가한 수치입니다. 운영 수익은 2.6% 증가하여 1490만 달러를 기록했습니다. 그러나 연초부터 현재까지의 순익은 4.1% 감소하여 960만 달러(주당 2.72달러)입니다. 이 회사는 2024년에 Advanced Industrial Coatings를 포함한 두 건의 인수를 완료하여 항공 우주 및 방위 시장에서의 입지를 강화했습니다.
Crawford United (OTC: CRAWA) a annoncé de solides résultats pour le troisième trimestre 2024 avec des ventes de 36,7 millions de dollars, en hausse de 9,2% par rapport au troisième trimestre 2023. Le revenu opérationnel a augmenté de 22,4% pour atteindre 5,3 millions de dollars, tandis que le revenu net a progressé de 19,7% à 3,4 millions de dollars (0,95 dollar par action). Les ventes cumulées depuis le début de l'année ont atteint 112,8 millions de dollars, en hausse de 2,5% par rapport à 2023, avec un revenu opérationnel en hausse de 2,6% à 14,9 millions de dollars. Cependant, le revenu net depuis le début de l'année a diminué de 4,1% à 9,6 millions de dollars (2,72 dollars par action). L'entreprise a réalisé deux acquisitions en 2024, dont Advanced Industrial Coatings, renforçant ainsi sa présence sur les marchés aéronautique et de défense.
Crawford United (OTC: CRAWA) berichtete über starke Ergebnisse im 3. Quartal 2024 mit einem Umsatz von 36,7 Millionen Dollar, was einem Anstieg von 9,2% im Vergleich zum 3. Quartal 2023 entspricht. Das Betriebsergebnis stieg um 22,4% auf 5,3 Millionen Dollar, während der Nettogewinn um 19,7% auf 3,4 Millionen Dollar (0,95 Dollar pro Aktie) zunahm. Der Umsatz von Januar bis jetzt erreichte 112,8 Millionen Dollar, was einem Anstieg von 2,5% im Vergleich zu 2023 entspricht, und das Betriebsergebnis stieg um 2,6% auf 14,9 Millionen Dollar. Allerdings fiel der Nettogewinn im bisherigen Jahresverlauf um 4,1% auf 9,6 Millionen Dollar (2,72 Dollar pro Aktie). Das Unternehmen schloss 2024 zwei Übernahmen ab, darunter Advanced Industrial Coatings, und stärkt damit seine Präsenz in den Märkten für Luft- und Raumfahrt sowie Verteidigung.
- Q3 sales increased 9.2% to $36.7 million
- Q3 operating income grew 22.4% to $5.3 million
- Q3 net income rose 19.7% to $3.4 million
- Q3 EBITDA increased 10.1% to $6.8 million
- YTD sales up 2.5% to $112.8 million
- YTD net income decreased 4.1% to $9.6 million
- YTD EBITDA decreased 1.8% to $20.1 million
- YTD earnings per share declined from $2.86 to $2.72
- Earnings per share of
$0.95 for the quarter and$2.72 year-to-date - Sales of
$112.8 million for the year,2.5% ahead of last year's record pace - Improved sales, operating income, net income and EBITDA As Defined1 compared to Q3 2023
- Completed acquisition of Advanced Industrial Coatings
CLEVELAND, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Crawford United Corporation (OTC: CRAWA), a growth-oriented holding company serving diverse markets, today reported results for the quarter ended September 30, 2024.
For the quarter ended September 30, 2024, sales were
For the year-to-date period ended September 30, 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. So far in 2024, we have completed two acquisitions to strengthen our presence in the aerospace and defense market. 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 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; (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 | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Sales | $ | 36,736,228 | 100 | % | $ | 33,641,513 | 100 | % | $ | 112,811,955 | 100 | % | $ | 110,058,884 | 100 | % | |||||||
Cost of sales | 26,048,576 | 71 | % | 24,732,181 | 74 | % | 81,467,956 | 72 | % | 80,158,123 | 73 | % | |||||||||||
Gross Profit | 10,687,652 | 29 | % | 8,909,332 | 26 | % | 31,343,999 | 28 | % | 29,900,761 | 27 | % | |||||||||||
Operating Expenses: | |||||||||||||||||||||||
Selling, general and administrative expenses | 5,429,209 | 14 | % | 4,612,364 | 14 | % | 16,395,286 | 15 | % | 15,332,161 | 14 | % | |||||||||||
Operating Income | 5,258,443 | 15 | % | 4,296,968 | 12 | % | 14,948,713 | 13 | % | 14,568,600 | 13 | % | |||||||||||
Other Expense and (Income): | |||||||||||||||||||||||
Interest charges | 262,130 | 1 | % | 294,825 | 1 | % | 804,028 | 1 | % | 1,030,729 | 1 | % | |||||||||||
(Gain) loss on investments | (12,059 | ) | 0 | % | 135,522 | 0 | % | 367,407 | 0 | % | 17,040 | 0 | % | ||||||||||
Other expense (income), net | 303,013 | 1 | % | (599 | ) | 0 | % | 369,718 | 0 | % | (345,569 | ) | 0 | % | |||||||||
Total Other Expense and (Income) | 553,084 | 2 | % | 429,748 | 1 | % | 1,541,153 | 1 | % | 702,200 | 1 | % | |||||||||||
Income before Income Taxes | 4,705,359 | 13 | % | 3,867,220 | 11 | % | 13,407,560 | 12 | % | 13,866,400 | 12 | % | |||||||||||
Income tax expense | 1,336,148 | 4 | % | 1,052,484 | 3 | % | 3,758,008 | 3 | % | 3,808,850 | 3 | % | |||||||||||
Net Income | $ | 3,369,211 | 9 | % | $ | 2,814,736 | 8 | % | $ | 9,649,552 | 9 | % | $ | 10,057,550 | 9 | % | |||||||
Net income per common share | |||||||||||||||||||||||
Basic | $ | 0.95 | $ | 0.80 | $ | 2.73 | $ | 2.87 | |||||||||||||||
Diluted | $ | 0.95 | $ | 0.80 | $ | 2.72 | $ | 2.86 | |||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||
Basic | 3,540,746 | 3,510,740 | 3,538,148 | 3,506,920 | |||||||||||||||||||
Diluted | 3,557,881 | 3,536,697 | 3,549,552 | 3,519,672 | |||||||||||||||||||
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 | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||
Net Income | $ | 3,369,211 | $ | 2,814,736 | $ | 9,649,552 | $ | 10,057,550 | |||||
Addback: | |||||||||||||
Interest charges | 262,130 | 294,825 | 804,028 | 1,030,729 | |||||||||
Income tax expense | 1,336,148 | 1,052,484 | 3,758,008 | 3,808,850 | |||||||||
Depreciation and amortization | 1,034,301 | 1,132,262 | 3,039,681 | 3,156,558 | |||||||||
Non-cash stock-based compensation expense | 232,225 | 224,317 | 1,076,804 | 1,153,105 | |||||||||
Amortization of right of use assets | 299,893 | 474,978 | 1,081,245 | 1,267,360 | |||||||||
(Gain) loss on investments in equity securities | (12,059 | ) | 135,522 | 367,407 | 17,040 | ||||||||
Non-recurring transaction charges | 228,771 | - | 341,422 | - | |||||||||
EBITDA As Defined | $ | 6,750,620 | $ | 6,129,124 | $ | 20,118,147 | $ | 20,491,192 |
FAQ
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