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Crawford United Corporation reported news as a growth-oriented holding company that provides specialty industrial products to healthcare, aerospace, transportation, energy and other markets. Its updates centered on quarterly and annual operating results, including sales, operating income, net income, earnings per share and EBITDA As Defined, along with supplemental investor presentation materials.
The company’s recurring business disclosures described two operating segments: Commercial Air Handling Equipment, which designs, manufactures and installs customized institutional, commercial and industrial air handling systems, and Industrial & Transportation Products, which supplies precision components, coatings and branded hose products. News also covered acquisition activity tied to aerospace and defense market exposure.
Crawford United Corporation (OTC: CRAWA) reported Q3 2022 sales of $32.2 million, up 22.0% year-over-year, and $95.1 million for the nine months, increasing 23.8%. Operating income for Q3 rose to $2.0 million, while net income increased slightly to $1.3 million, or $0.36 per diluted share. Nine-month net income dropped to $3.5 million, or $1.01 per share, affected by $0.9 million in stock awards and a lack of $1.5 million debt forgiveness seen in 2021. The demand surge is attributed to organic growth and recent acquisitions.
Crawford United Corporation (OTC: CRAWA) reported Q2 2022 sales of $31.9 million, up 21% from Q2 2021, and $62.9 million for the first half, a 25% increase. Operating income for Q2 rose to $2.4 million, while net income remained steady at $1.2 million, or $0.34 per share, impacted by $0.6 million in unrealized investment losses. The six-month net income fell to $2.2 million, or $0.65 per share, influenced by non-cash stock awards and prior debt forgiveness under the CARES Act. Growth is attributed to organic performance and recent acquisitions.
Crawford United Corporation (OTC: CRAWA) reported a revenue increase of 29% to $31.0 million for the quarter ending March 31, 2022, compared to $24.0 million last year. The earnings per share was $0.31, down from $0.93 due to higher non-cash stock awards and previous debt forgiveness under the CARES Act. The revenue boost is attributed to recent acquisitions, including Reverso Pumps and Separ Filters of America. Despite positive sales growth, net income fell to $1.1 million from $3.1 million.
Crawford United Corporation (OTC: CRAWA) has acquired the assets of Knitting Machinery Corporation of America (KMC), a Cleveland-based manufacturer of hose reinforcement machinery. This strategic move aims to expand Crawford's footprint in the industrial hose market. The acquisition is projected to generate less than $2 million in annual revenue and is expected to boost earnings immediately. Brian Powers, CEO of Crawford United, emphasized the importance of this acquisition in diversifying the company's customer base in a growing market segment.
Crawford United Corporation (OTC: CRAWA) reported a 37% increase in quarterly sales, reaching $27.3 million for Q4 2021, up from $19.9 million last year. Annual sales also rose 22% to $104.2 million from $85.1 million. However, net income for Q4 dropped to $0.1 million or $0.02 per share, down from $2.1 million or $0.63 per share last year, due to $1.0 million in year-end audit adjustments. Full-year net income slightly decreased to $5.7 million or $1.66 per share. The growth was attributed to acquisitions and an upturn in customer demand.
Crawford United Corporation (OTC: CRAWA) announced the acquisition of Reverso Pumps and Separ Filter of the Americas, effective January 10, 2022. These companies, based in Davie, Florida, specialize in oil change systems and diesel fuel filtration products for marine and defense applications. The acquisition is projected to generate approximately $5 million in annualized revenue and will be immediately accretive to earnings. CEO Brian Powers emphasized the strategic importance of these acquisitions in expanding their presence in the marine and defense markets.
Crawford United Corporation (OTC: CRAWA) reported strong financial results for Q3 and the first nine months of 2021. Q3 sales rose 23.9% to $26.4 million, while net income was $1.2 million, lower than $1.4 million the previous year. For the nine-month period, sales increased 17.9% to $76.8 million, with net income up 49% to $5.6 million. Notably, a $1.5 million debt forgiveness under the CARES Act contributed positively. Challenges included a loss of $0.3 million on equity investments and margins affected by labor and supply chain issues. The company focuses on growth through acquisitions and increasing revenue.
Crawford United Corporation (OTC: CRAWA) reported robust financial results for Q2 2021, with revenue reaching $26.4 million, a 42% increase year-over-year. Operating income surged to $2.1 million, marking a 299% rise, while net income rose 445% to $1.2 million ($0.37 per share). For the first half of the year, sales increased 15% to $50.4 million, with net income growing 90% to $4.4 million ($1.29 per share). The growth is attributed to recent acquisitions and recovering customer demand following the pandemic, alongside a $1.5 million debt forgiveness under the CARES Act.
Crawford United Corporation (OTC: CRAWA) announced the acquisition of Emergency Hydraulics LLC, enhancing its industrial hose platform. This strategic purchase, located in Ocala, Florida, aims to diversify the customer base and expand product offerings, particularly for manufacturers of emergency vehicles. The acquisition is projected to generate approximately $2 million in annual revenue and provide immediate earnings accretion. This move underscores Crawford's commitment to growth in the industrial sector.
Crawford United Corporation (OTC: CRAWA) reported Q1 2021 revenues of $24.0 million, down from $25.3 million year-over-year. Operating income decreased to $2.3 million from $3.1 million, attributed to the impact of the pandemic on customer demand. However, net income rose to $3.1 million or $0.93 per diluted share, boosted by a $1.5 million loan forgiveness under the CARES Act. The company completed the acquisitions of Komtek Forge and Global-Tek Manufacturing, which are expected to enhance sales and earnings moving forward.