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CRAWFORD UNITED Corp (CRAWA)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 2024 delivered sales of $37.4M (+10.5% YoY) and diluted EPS of $1.11, with net income of $3.9M; sequentially, revenue and EPS were above Q3’s $36.7M and $0.95, respectively .
  • Gross margin expanded materially YoY to 28% from 23%, while operating margin rose to 13% from 10%; EBITDA As Defined increased 26.4% YoY to $6.4M .
  • Management highlighted two 2024 acquisitions in aerospace/defense and noted ending the year with zero senior bank debt for the first time since 2017, underscoring balance sheet flexibility for further M&A .
  • No formal quantitative guidance was provided in the Q4 press release; Wall Street consensus estimates via S&P Global were unavailable at time of query for CRAWA, limiting beat/miss analysis .

What Went Well and What Went Wrong

What Went Well

  • Strong Q4 execution: sales +10.5% YoY to $37.4M, operating income +41.0% YoY to $4.7M, and EPS to $1.11, reflecting both volume and margin gains .
  • Material margin expansion: gross margin rose to 28% (vs 23% YoY), with operating margin to 13% (vs 10% YoY); EBITDA As Defined rose to $6.4M (+26.4% YoY) .
  • Strategic positioning and deleveraging: “we completed two acquisitions… yet we ended the year with zero senior bank debt for the first time since 2017. Crawford United is well positioned to pursue opportunities for increased revenue and profitability” — Brian E. Powers, CEO .

What Went Wrong

  • Year-to-date through Q3 showed minor softness vs prior year, with YTD net income down 4.1% and EBITDA As Defined down 1.8%; though Q4 recovered, it underscores mid-year pressure .
  • Q2 metrics were below a record prior-year comp: Q2 2024 EPS declined to $0.92 (vs $1.09), and EBITDA As Defined fell to $6.7M (vs $7.4M), highlighting tougher comps and near-term headwinds .
  • Limited disclosure on segment revenues and no formal forward guidance in Q4 constrains visibility and external estimate comparisons this quarter .

Financial Results

Headline Financials (Quarterly)

MetricQ4 2023Q3 2024Q4 2024
Revenue ($USD Millions)$33.827 $36.736 $37.386
Gross Profit ($USD Millions)$7.745 $10.688 $10.302
Gross Margin (%)23.0% 29.1% 27.6%
Operating Income ($USD Millions)$3.364 $5.258 $4.743
Operating Margin (%)9.9% 14.3% 12.7%
Net Income ($USD Millions)$3.237 $3.369 $3.948
Diluted EPS ($)$0.91 $0.95 $1.11
EBITDA As Defined ($USD Millions)$5.078 $6.751 $6.421

Key Operating KPIs (Quarterly)

KPIQ4 2023Q3 2024Q4 2024
SG&A ($USD Millions)$4.381 $5.429 $5.559
Interest Expense ($USD Millions)$0.225 $0.262 $0.194
Income Tax Expense ($USD Millions)$0.061 $1.336 $0.289
D&A ($USD Millions)$0.765 $1.034 $1.095
Non-recurring Transaction Charges ($USD Millions)$0.137 $0.229 $0.311
Stock-based Compensation ($USD Millions)$0.224 $0.232 $0.232
ROU Asset Amortization/Reduction ($USD Millions)$0.453 $0.300 $0.351
Diluted Shares (000s)3,544 3,558 3,563

Yearly Context (FY)

MetricFY 2023FY 2024
Revenue ($USD Millions)$143.886 $150.198
Operating Income ($USD Millions)$17.932 $19.691
Net Income ($USD Millions)$13.295 $13.598
Diluted EPS ($)$3.77 $3.83
EBITDA As Defined ($USD Millions)$25.569 $26.539

Segment Breakdown

SegmentQ4 2024 Commentary
Commercial Air Handling EquipmentSegment described as leader in customized HVAC coils and large-scale air handling solutions; quantitative segment revenue not disclosed in Q4 press release .
Industrial & Transportation ProductsProvides precision components/coatings for aerospace/defense and branded hoses; quantitative segment revenue not disclosed in Q4 press release .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Overall Financial GuidanceFY 2025N/ANo formal quantitative guidance provided in Q4 releaseMaintained “no formal guidance” posture

Notes: The Q4 press release and furnished 8-K provide results and strategic commentary but do not include quantitative guidance ranges (revenue, margins, tax rate, etc.) .

Earnings Call Themes & Trends

Note: No Q4 2024 earnings call transcript was found for CRAWA in our document system or public transcript sources; themes below reflect press releases across Q2–Q4 2024 .

TopicPrevious Mentions (Q2 2024)Previous Mentions (Q3 2024)Current Period (Q4 2024)Trend
Acquisitions / Aerospace & DefenseFocused on strategic opportunities; segment serves aerospace/defense per company description Completed acquisition of Advanced Industrial Coatings; strengthened aerospace/defense presence Completed two acquisitions in 2024; reinforced aerospace/defense positioning Strengthening presence via M&A
Margins / ProfitabilitySequential improvements vs Q1 in gross profit/margin, net income, EPS Improved sales, operating income, net income, EBITDA vs Q3 2023 Gross margin up YoY (28% vs 23%), operating margin up (13% vs 10%) Uptrend YoY; QoQ solid
Balance Sheet / LeverageNot highlightedNot highlightedZero senior bank debt at year-end (first time since 2017) Deleveraging improves flexibility
Macro / RisksSafe-harbor cites inflation, labor, geopolitics (Ukraine/Israel) Similar macro/geopolitical risk references Similar macro/geopolitical risk references (Ukraine/Middle East) Persistent macro awareness

Management Commentary

  • “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 completed two acquisitions to strengthen our presence in the aerospace and defense market, yet we ended the year with zero senior bank debt for the first time since 2017. Crawford United is well positioned to pursue opportunities for increased revenue and profitability, always with an eye towards additional acquisitions.” — Brian E. Powers, President & CEO (Q4) .
  • “We are pleased with the ongoing success of our business model… So far in 2024, we have completed two acquisitions to strengthen our presence in the aerospace and defense market.” — Q3 press release .
  • “While the second quarter of 2024 was not quite as strong as our record-breaking second quarter of 2023, we saw sequential improvements in gross profit, gross margin percentage, net income and earnings per share compared to the first quarter of 2024.” — Q2 press release .

Q&A Highlights

  • No Q4 2024 CRAWA earnings call transcript or Q&A was available in our document system or found publicly; investor communications for the quarter were via the press release furnished in the 8-K .

Estimates Context

  • Wall Street consensus estimates via S&P Global for Q4 2024 (EPS and revenue) were unavailable at time of query for CRAWA; therefore, formal beat/miss analysis versus S&P Global consensus cannot be provided for this quarter [GetEstimates error; attempted but daily limit exceeded]. If/when coverage becomes available, we will anchor comparisons to S&P Global consensus.

Key Takeaways for Investors

  • Q4 momentum: Revenue $37.4M (+10.5% YoY), EPS $1.11, and operating income +41% YoY demonstrate both demand and operational discipline .
  • Margin expansion: Gross margin improved to 28% (vs 23% YoY), and operating margin to 13% (vs 10% YoY); EBITDA As Defined climbed to $6.4M (+26.4% YoY) .
  • Sequential recovery after mid-year softness: Q4 outperformed Q3 on revenue and EPS; this follows Q2’s tougher comps vs record 2023 levels .
  • Balance sheet flexibility: Ending 2024 with zero senior bank debt for the first time since 2017 enhances capacity for further acquisitions and organic investments .
  • Strategic focus: Continued M&A strengthens aerospace/defense capabilities, supporting diversification and potential margin resilience .
  • Disclosure constraints: Lack of quantitative guidance and absence of segment revenue detail limit external forecast precision and estimate comparisons this quarter .
  • Monitoring items: Track integration benefits from 2024 acquisitions, sustainability of margin gains, and any 2025 guidance updates or segment disclosures in upcoming filings .