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CRAWA Stock Gains Following Y/Y Uptick in Earnings and Revenues
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Shares of Crawford United Corporation (CRAWA - Free Report) have gained 3.8% since the company reported its earnings for the quarter ended Dec. 31, 2024. This compares to the S&P 500 Index’s 1.8% decline over the same time frame. Over the past month, the stock gained 9.5% versus the S&P 500’s 3.9% decline.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
Earnings Performance and Segmental Overview
Crawford United reported sales of $150.2 million for 2024, marking a 4.4% increase from $143.9 million in 2023. Net income for the year rose 2.3% to $13.6 million, or $3.83 per diluted share, compared with $13.3 million, or $3.77 per diluted share, in the prior year. Operating income improved 9.8% to $19.7 million from $17.9 million in 2023, and EBITDA increased 3.8% to $26.5 million from $25.6 million in 2023.
For the fourth quarter of 2024, Crawford United reported sales of $37.4 million, reflecting a 10.5% increase from $33.8 million in the same period a year ago. The company’s operating income rose 40.9% to $4.7 million from $3.4 million in the prior-year quarter, while net income increased 21.9% to $3.9 million, or $1.11 per diluted share, compared with $3.2 million, or $0.91 per diluted share, in the fourth quarter of 2023. EBITDA increased 26.4% to $6.4 million from $5.1 million in 2023.
The Commercial Air Handling Equipment segment saw strong growth, with sales increasing 13% to $65.9 million in 2024, up from $58.4 million in the prior year. This was driven by sustained demand for air handling solutions, particularly in healthcare facilities. Operating profit for this segment rose 27.8% to $19.6 million, a 29.8% margin, compared with $15.4 million, or 26.3% in 2023.
The Industrial and Transportation Products segment reported a slight decline, with sales down 1.5% to $84.2 million from $85.5 million in the prior year. The segment was negatively impacted by a $10.4 million decline in marine products, machined defense parts, and forged aerospace products. However, this was partially offset by $7.6 million in revenue from acquisitions and a $1.0 million increase in machined aerospace parts. Segment operating profit fell 33% to $5.1 million, a 6% margin, compared with $7.6 million, or 8.9% in the prior year, reflecting lower volume and the impact of fixed costs.
Crawford United Corporation Price, Consensus and EPS Surprise
Gross margin improved to 27.7% in 2024 from 26.2% in 2023, primarily due to a favorable sales mix shift toward the higher-margin Commercial Air Handling segment. Selling, general, and administrative expenses increased 11.4% to $21.9 million from $19.7 million, reflecting inflationary labor costs and expenses related to recent acquisitions. Interest expenses declined 20.6% to $0.9 million from $1.3 million, benefiting from lower outstanding debt.
Management Commentary and Strategic Priorities
CEO Brian Powers expressed confidence in the company’s long-term strategic direction, highlighting Crawford United’s ability to expand revenue and profitability through organic growth and acquisitions. He emphasized CRAWA’s strengthened position in the aerospace and defense markets following two acquisitions in 2024 and noted that Crawford United ended the year with zero senior bank debt for the first time since 2017.
Guidance and Market Outlook
While Crawford United did not provide formal guidance, management indicated continued focus on expanding within core industries such as aerospace, defense, healthcare, and transportation. The company remains attentive to macroeconomic conditions, including supply chain challenges, raw material price fluctuations, and geopolitical uncertainties.
Other Developments
Crawford United completed two acquisitions in 2024 — Heany Industries in the first quarter and Advanced Industrial Coatings (AIC) in the third quarter. Heany specializes in coatings for aerospace, industrial, and biomedical applications, while AIC provides fluoropolymers and high-performance coatings for semiconductor, medical, and industrial markets. These acquisitions are expected to bolster the company’s presence in high-growth sectors.
CRAWA also exercised an option to purchase its Phoenix, AZ facility, previously leased for its CAD Enterprises subsidiary. The acquisition, valued at $6.9 million, was financed with a term loan from MidFirst Bank.
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CRAWA Stock Gains Following Y/Y Uptick in Earnings and Revenues
Shares of Crawford United Corporation (CRAWA - Free Report) have gained 3.8% since the company reported its earnings for the quarter ended Dec. 31, 2024. This compares to the S&P 500 Index’s 1.8% decline over the same time frame. Over the past month, the stock gained 9.5% versus the S&P 500’s 3.9% decline.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
Earnings Performance and Segmental Overview
Crawford United reported sales of $150.2 million for 2024, marking a 4.4% increase from $143.9 million in 2023. Net income for the year rose 2.3% to $13.6 million, or $3.83 per diluted share, compared with $13.3 million, or $3.77 per diluted share, in the prior year. Operating income improved 9.8% to $19.7 million from $17.9 million in 2023, and EBITDA increased 3.8% to $26.5 million from $25.6 million in 2023.
For the fourth quarter of 2024, Crawford United reported sales of $37.4 million, reflecting a 10.5% increase from $33.8 million in the same period a year ago. The company’s operating income rose 40.9% to $4.7 million from $3.4 million in the prior-year quarter, while net income increased 21.9% to $3.9 million, or $1.11 per diluted share, compared with $3.2 million, or $0.91 per diluted share, in the fourth quarter of 2023. EBITDA increased 26.4% to $6.4 million from $5.1 million in 2023.
The Commercial Air Handling Equipment segment saw strong growth, with sales increasing 13% to $65.9 million in 2024, up from $58.4 million in the prior year. This was driven by sustained demand for air handling solutions, particularly in healthcare facilities. Operating profit for this segment rose 27.8% to $19.6 million, a 29.8% margin, compared with $15.4 million, or 26.3% in 2023.
The Industrial and Transportation Products segment reported a slight decline, with sales down 1.5% to $84.2 million from $85.5 million in the prior year. The segment was negatively impacted by a $10.4 million decline in marine products, machined defense parts, and forged aerospace products. However, this was partially offset by $7.6 million in revenue from acquisitions and a $1.0 million increase in machined aerospace parts. Segment operating profit fell 33% to $5.1 million, a 6% margin, compared with $7.6 million, or 8.9% in the prior year, reflecting lower volume and the impact of fixed costs.
Crawford United Corporation Price, Consensus and EPS Surprise
Crawford United Corporation price-consensus-eps-surprise-chart | Crawford United Corporation Quote
Other Key Business Metrics
Gross margin improved to 27.7% in 2024 from 26.2% in 2023, primarily due to a favorable sales mix shift toward the higher-margin Commercial Air Handling segment. Selling, general, and administrative expenses increased 11.4% to $21.9 million from $19.7 million, reflecting inflationary labor costs and expenses related to recent acquisitions. Interest expenses declined 20.6% to $0.9 million from $1.3 million, benefiting from lower outstanding debt.
Management Commentary and Strategic Priorities
CEO Brian Powers expressed confidence in the company’s long-term strategic direction, highlighting Crawford United’s ability to expand revenue and profitability through organic growth and acquisitions. He emphasized CRAWA’s strengthened position in the aerospace and defense markets following two acquisitions in 2024 and noted that Crawford United ended the year with zero senior bank debt for the first time since 2017.
Guidance and Market Outlook
While Crawford United did not provide formal guidance, management indicated continued focus on expanding within core industries such as aerospace, defense, healthcare, and transportation. The company remains attentive to macroeconomic conditions, including supply chain challenges, raw material price fluctuations, and geopolitical uncertainties.
Other Developments
Crawford United completed two acquisitions in 2024 — Heany Industries in the first quarter and Advanced Industrial Coatings (AIC) in the third quarter. Heany specializes in coatings for aerospace, industrial, and biomedical applications, while AIC provides fluoropolymers and high-performance coatings for semiconductor, medical, and industrial markets. These acquisitions are expected to bolster the company’s presence in high-growth sectors.
CRAWA also exercised an option to purchase its Phoenix, AZ facility, previously leased for its CAD Enterprises subsidiary. The acquisition, valued at $6.9 million, was financed with a term loan from MidFirst Bank.