Crawford United Corporation Reveals Positive Year-End Financials
Crawford United Corporation's Remarkable Year-End Results
Crawford United Corporation (OTC: CRAWA), a diversified holding company with a focus on growth, has recently shared its impressive financial results for the fourth quarter and the entirety of the 2024 fiscal year.
Quarterly Financial Highlights
For the last quarter of 2024, Crawford United reported sales of $37.4 million, marking a significant increase of 10.5% from $33.8 million recorded during the same period in 2023. The company's operating income also saw a substantial rise, climbing to $4.7 million from $3.4 million in the prior year, resulting in a remarkable 41.0% increase. Net income for the quarter was reported at $3.9 million, translating to $1.11 per share, which is a 22.0% growth compared to $3.2 million, or $0.91 per share, in Q4 2023.
Full Year Performance
Throughout 2024, the company's total sales reached $150.2 million, showcasing a 4.4% increase from $143.9 million in 2023. Operating income experienced growth to $19.7 million, up from $17.9 million a year prior, resulting in a 9.8% rise. The net income also saw an increase to $13.6 million, or $3.83 per fully diluted share, compared to last year’s $13.3 million and $3.77 per share, reflecting a modest growth of 2.3%. Notably, the EBITDA As Defined climbed to $26.5 million in 2024 from $25.6 million in 2023, equivalent to a 3.8% improvement.
Strategic Growth Initiatives
Brian Powers, the company's President and CEO, expressed satisfaction with the achievements of their business model. He 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 strengthened our foothold in the aerospace and defense sector through two successful acquisitions, and we proudly closed the year with zero senior bank debt, a first since 2017. Crawford United is well-positioned to pursue avenues for revenue enhancement and profitability, always with an eye towards strategic acquisitions.”
Business Segments Overview
Crawford United Corporation operates through two key business segments. The first is the Commercial Air Handling Equipment segment, recognized for its expertise in designing, manufacturing, and implementing HVAC solutions tailored for hospitals and educational institutions. The second segment focuses on Industrial & Transportation Products, delivering precision components and coatings for aerospace and defense applications, along with a diverse selection of branded products including metal, silicone, plastic, rubber, and various fuel hoses.
Future Outlook
As Crawford United Corporation looks forward, the company aims to further enhance its operations within the aerospace and defense markets while capitalizing on emerging opportunities in various sectors. The absence of bank debt facilitates a more aggressive investment approach, allowing the company to explore additional acquisitions that could bolster its market position.
Frequently Asked Questions
What were Crawford United's earnings per share for 2024?
Crawford United's earnings per share for the year 2024 were $3.83.
How did Crawford United's net income change from 2023 to 2024?
The net income increased from $13.3 million in 2023 to $13.6 million in 2024, reflecting a growth of 2.3%.
What strategic moves did Crawford United make in 2024?
In 2024, Crawford United completed two acquisitions in the aerospace and defense market to enhance its operational presence.
How did Crawford United's sales for the fourth quarter compare to the previous year?
Sales for the fourth quarter of 2024 were $37.4 million, a 10.5% increase from $33.8 million in the same quarter of 2023.
What was Crawford United's EBITDA As Defined for 2024?
The EBITDA As Defined for 2024 was reported at $26.5 million, up from $25.6 million in 2023.
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