Crawford United Corporation reported a solid performance for the third quarter of 2024, with total sales reaching $36.7 million, a 9.2% increase from $33.6 million in Q3 2023. Year-to-date sales also saw a modest rise, totaling $112.8 million compared to $110.1 million in the same period last year, marking a 2.5% increase. The gross profit for Q3 2024 was $10.7 million, up from $8.9 million in Q3 2023, resulting in a gross margin improvement to 29.1% from 26.5%.
Operating income for the third quarter increased to $5.3 million, compared to $4.3 million in the prior year. However, net income for Q3 2024 was $3.4 million, or $0.95 per diluted share, which represents an increase from $2.8 million, or $0.80 per diluted share, in Q3 2023. Year-to-date net income was reported at $9.6 million, down from $10.1 million in the same period last year.
The company’s Commercial Air Handling Equipment segment performed particularly well, with sales rising 25.2% to $15.9 million in Q3 2024. This segment also reported an operating profit of $4.9 million, reflecting a margin of 31.0%. Conversely, the Industrial and Transportation Products segment experienced a slight decline in sales, down 0.5% to $20.8 million, with operating profit decreasing to $1.5 million.
Crawford United has been active in expanding its operations through acquisitions. In 2024, the company acquired Heany Industries, LLC for $6.6 million and Advanced Industrial Coatings, LLC for $4.3 million. These acquisitions contributed to the Industrial and Transportation Products segment, generating combined sales of approximately $4.8 million and net income of $272,081 for the nine months ended September 30, 2024.
The company’s balance sheet showed an increase in total assets, with cash and cash equivalents rising to $2.0 million as of September 30, 2024, compared to $1.5 million a year earlier. The company also reported a net cash increase from operating activities of $13.3 million for the nine months ended September 30, 2024, up from $11.0 million in the same period of 2023.
Crawford United's financial position remains stable, with a revolving credit facility of up to $30 million, of which approximately $24.2 million was available as of September 30, 2024. The company continues to navigate inflationary pressures affecting production costs, particularly in labor and materials, while maintaining compliance with its credit agreements.
About CRAWFORD UNITED Corp
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