Shares of Crawford United Company CRAWA have gained 3.8% because the firm reported its earnings for the quarter ended Dec. 31, 2024. This compares to the S&P 500 Index’s 1.8% decline over the identical time-frame. Over the previous month, the inventory gained 9.5% versus the S&P 500’s 3.9% decline.
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Earnings Efficiency and Segmental Overview
Crawford United reported gross sales of $150.2 million for 2024, marking a 4.4% enhance from $143.9 million in 2023. Internet earnings for the yr rose 2.3% to $13.6 million, or $3.83 per diluted share, in contrast with $13.3 million, or $3.77 per diluted share, within the prior yr. Working earnings improved 9.8% to $19.7 million from $17.9 million in 2023, and EBITDA elevated 3.8% to $26.5 million from $25.6 million in 2023.
For the fourth quarter of 2024, Crawford United reported gross sales of $37.4 million, reflecting a ten.5% enhance from $33.8 million in the identical interval a yr in the past. The corporate’s working earnings rose 40.9% to $4.7 million from $3.4 million within the prior-year quarter, whereas web earnings elevated 21.9% to $3.9 million, or $1.11 per diluted share, in contrast with $3.2 million, or $0.91 per diluted share, within the fourth quarter of 2023. EBITDA elevated 26.4% to $6.4 million from $5.1 million in 2023.
The Business Air Dealing with Tools section noticed sturdy development, with gross sales rising 13% to $65.9 million in 2024, up from $58.4 million within the prior yr. This was pushed by sustained demand for air dealing with options, notably in healthcare amenities. Working revenue for this section rose 27.8% to $19.6 million, a 29.8% margin, in contrast with $15.4 million, or 26.3% in 2023.
The Industrial and Transportation Merchandise section reported a slight decline, with gross sales down 1.5% to $84.2 million from $85.5 million within the prior yr. The section was negatively impacted by a $10.4 million decline in marine merchandise, machined protection elements, and cast aerospace merchandise. Nonetheless, this was partially offset by $7.6 million in income from acquisitions and a $1.0 million enhance in machined aerospace elements. Section working revenue fell 33% to $5.1 million, a 6% margin, in contrast with $7.6 million, or 8.9% within the prior yr, reflecting decrease quantity and the impression of mounted prices.
Crawford United Company Worth, Consensus and EPS Shock
Crawford United Corporation price-consensus-eps-surprise-chart | Crawford United Company Quote
Different Key Enterprise Metrics
Gross margin improved to 27.7% in 2024 from 26.2% in 2023, primarily attributable to a positive gross sales combine shift towards the higher-margin Business Air Dealing with section. Promoting, normal, and administrative bills elevated 11.4% to $21.9 million from $19.7 million, reflecting inflationary labor prices and bills associated to latest acquisitions. Curiosity bills declined 20.6% to $0.9 million from $1.3 million, benefiting from decrease excellent debt.
Administration Commentary and Strategic Priorities
CEO Brian Powers expressed confidence within the firm’s long-term strategic course, highlighting Crawford United’s means to increase income and profitability by means of natural development and acquisitions. He emphasised CRAWA’s strengthened place within the aerospace and protection markets following two acquisitions in 2024 and famous that Crawford United ended the yr with zero senior financial institution debt for the primary time since 2017.
Steerage and Market Outlook
Whereas Crawford United didn’t present formal steerage, administration indicated continued concentrate on increasing inside core industries equivalent to aerospace, protection, healthcare, and transportation. The corporate stays attentive to macroeconomic circumstances, together with provide chain challenges, uncooked materials value fluctuations, and geopolitical uncertainties.
Different Developments
Crawford United accomplished two acquisitions in 2024 — Heany Industries within the first quarter and Superior Industrial Coatings (AIC) within the third quarter. Heany makes a speciality of coatings for aerospace, industrial, and biomedical functions, whereas AIC gives fluoropolymers and high-performance coatings for semiconductor, medical, and industrial markets. These acquisitions are anticipated to bolster the corporate’s presence in high-growth sectors.
CRAWA additionally exercised an choice to buy its Phoenix, AZ facility, beforehand leased for its CAD Enterprises subsidiary. The acquisition, valued at $6.9 million, was financed with a time period mortgage from MidFirst Financial institution.
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