Crawford United Corporation Reports $150.2 Million Revenue for Fiscal Year 2024

Crawford United Corporation reported a total revenue of $150.2 million for the fiscal year ending December 31, 2024, marking a 4.4% increase from $143.9 million in the previous year. The growth was primarily driven by a 13% increase in the Commercial Air Handling Equipment segment, which generated $66.0 million in sales, up from $58.4 million in 2023. In contrast, the Industrial and Transportation Products segment experienced a slight decline, with sales decreasing to $84.2 million from $85.5 million, attributed to reduced demand in marine products and certain defense parts.

The company's gross profit rose to $41.6 million, up from $37.6 million in 2023, resulting in an improved gross margin of 27.7%, compared to 26.2% the previous year. Operating income also increased to $19.7 million from $17.9 million, despite a rise in selling, general, and administrative expenses, which grew to $22.0 million due to inflationary pressures and costs associated with recent acquisitions. Net income for the year was reported at $13.6 million, or $3.83 per diluted share, compared to $13.3 million, or $3.77 per diluted share, in 2023.

Crawford United made significant strategic moves during the year, including the acquisitions of Heany Industries and Advanced Industrial Coatings, which contributed approximately $7.6 million in sales since their respective acquisition dates. The company also expanded its operational footprint, with total employment increasing to 475 full-time employees from 405 in the previous year. The acquisitions are expected to enhance Crawford's capabilities in the aerospace sector and diversify its customer base.

Operationally, the company reported a total of 150,198,284 in sales, with the Commercial Air Handling Equipment segment accounting for 44% of total sales. The company also noted a geographic expansion, with sales in the United States reaching $148.6 million, while international sales remained minimal. The company continues to focus on optimizing its production processes and enhancing efficiency to mitigate the impact of fixed costs in the Industrial and Transportation Products segment.

Looking ahead, Crawford United expressed optimism about its growth trajectory, driven by increased demand for air handling solutions and the anticipated recovery in marine and defense markets. The company is actively managing its cash flow and has sufficient borrowing capacity to support its working capital needs and growth initiatives. However, it remains cautious of potential economic challenges, including inflationary pressures and supply chain disruptions, which could impact future performance.