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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 its financial results for the three and twelve months ending December 31, 2020. Quarterly sales were $19.9 million, down from $21.1 million last year, with operating income decreasing by 35% to $1.7 million. However, net income rose by 22% to $2.1 million. For the year, sales decreased by 5% to $85.1 million, and operating income also fell to $7.5 million. The declines were attributed to COVID-19, but the company remains optimistic about recovery and expects recent acquisitions to add $15 million in annual revenue.
Crawford United Corporation (OTC: CRAWA) announced the acquisition of Global-Tek Manufacturing in Puerto Rico and Machining Technology in Colorado, effective March 1, 2021. These companies specialize in providing engineered manufacturing solutions, including CNC machining and die casting, primarily in the defense, aerospace, and medical device sectors. The acquisition is expected to enhance Crawford's market presence and diversify its customer base, contributing an estimated $8 million in annualized revenue and being immediately accretive to earnings.