Crawford United Corporation (CRAWA) research, news, and more from GeoInvesting

Company description

Wed, 08 May 2024 14:05:20 GMT

Crawford United Corp is engaged in providing specialty industrial products to diverse markets of healthcare, education, automotive, aerospace, trucking, and petrochemical. The company operates through the following segments, namely Commercial Air Handling Equipment, which is into designing, manufacturing, and installing large-scale commercial, institutional, and industrial custom air handling solutions; and Industrial & Transportation Products, which is into the manufacture of flexible interlocking metal hoses and the distribution of silicone and hydraulic hoses. The company's geographical segments include the United States, Puerto Rico, Mexico, Canada, and Others.

Research

Tue, 09 Dec 2025 12:42:07 GMT

Crawford United Corporation (OTC:CRAWA) ($86.53; $307.3M market cap) announced its acquisition by SPX Technologies, Inc. (NYSE:SPXC):

SPX will acquire Crawford United for estimated cash consideration of $83.42 per share, equating to a total transaction value of $300 million.
The transaction will be structured as a merger with a subsidiary of SPX.
The transaction is expected to close in Q1 2026, subject to regulatory and shareholder approvals.
Crawford United may consider superior unsolicited acquisition proposals, subject to a termination fee and SPX’s matching rights.
Full details will be disclosed in an upcoming proxy statement and Current Report on Form 8-K filed with the SEC

Management Commentary:

"We are excited to welcome the Crawford United team," said Gene Lowe, SPX Technologies President & CEO. “Their commercial air-handling business is an excellent fit for our HVAC platform, strengthening our ability to deliver end-to-end solutions to customers in healthcare, universities, pharmaceutical, advanced manufacturing and commercial markets. This acquisition will advance our growth strategy and further differentiate SPX as a leader in engineered solutions.”

"Joining SPX provides our employees, customers and suppliers with a dynamic global partner,” said Brian Powers, Chief Executive Officer of Crawford United. “We believe that our Commercial Air-Handling Equipment segment will benefit significantly from SPX’s capabilities, and we are committed to ensuring a seamless transition and strong combined future.”

Our Take:

We have been covering Crawford United Corporation (OOTC:CRAWA) since its HICKA days in 2017, after identifying what we believed was a transformative acquisition in Air Enterprises and coding the stock as a GeoBargain (our first type of Model Portfolio in Geo early years) at $5.50. Over the years, CRAWA built a compelling track record of:

Consistent EPS growth
Bolt-on acquisitions that were nearly always accretive
Improving balance sheet (periods of low or even zero net debt)
Visibility into a multi-division industrial platform with attractive end markets (aerospace, defense, healthcare, commercial HVAC, transportation, petrochemical)

Recent quarterly updates reinforced that story:

Q3 2025: Record sales ($47.1M) and record EPS ($1.52).
Q2 2025: Record sales, record margins, potential adjacency to datacenter-driven HVAC demand.
Multiple years of accretive deals (Rahn, AIC, Heany, Reverso, CAD) and strong operating execution.

Our research highlighted how both organic growth and acquisition-driven expansion were contributing meaningfully, especially in the industrial/transportation division, while the commercial air-handling segment became increasingly central to CRAWA’s identity (a fact that likely contributed to SPX’s interest).

CRAWA’s Model Portfolio/Screen Performance Highlights

The acquisition is also a milestone because CRAWA has been one of our highest-returning names across multiple GeoInvesting portfolios. As of the date the stock was closed out in each model:

Model Portfolio/Screen	Final Return	Peak Return
Forum Focus (opened 5/3/23, closed 3/13/24)	144.77%	162.68%
Select Coverage Universe (opened 8/9/17, closed 12/8/25)	1416.72%	1480.36%
Tier One OTC Screen (opened 2/25/14, closed 12/8/25)	3332.92%	3476.95%

The Tier One OTC performance stands out: >3300% final return with a peak above 3400%, making CRAWA one of the most successful ideas ever sourced through that screen.

While CRAWA has been one of best performers, we believe shares deserved at least $100 takeout which would have been about a 20x P/E multiple on trailing EPS. The annual run-rate price target on the last quarterly EPS outing would imply a fair value price target of $120.

Crawford United Corporation provides specialty industrial products to diverse markets, including healthcare, aerospace, defense, education, transportation, and petrochemical.

Research

Tue, 04 Nov 2025 05:00:00 GMT

rawford United Corp (OTC:CRAWA) ($75.96 $269.8M market cap) announced Q3 2025 results (10Q filed too):

Q3 2025 sales of $47.1 million vs. $36.7 million in the prior year
Q3 2025 EPS: $1.52 vs. $0.95 in the prior year

Brian Powers, President and CEO, stated, "Our sales, net income and earnings per share all reached record highs this quarter. We are pleased with the ongoing success of our business model and remain confident in our ability to achieve long-term strategic priorities. Crawford United is well positioned to pursue opportunities for increased revenue and profitability, always with an eye towards additional acquisitions."

Our Quick Take:

What’s nice about this quarter is that it looks like growth came from organic and acquired assets. That’s something you want to watch closely when companies are making acquisitions. Is yearly growth coming from layering on acquisitions or are they actually seeing the acquisition from prior years, their base business in general, contributing to growth.

“Sales for the quarter ended September 30, 2025 (“current quarter”) increased to $47.2 million, an increase of $10.4 million or 28.4% from sales of $36.7 million during the same quarter of the prior year. $5.8 million of the increase in sales was driven by the Company's acquisitions of Rahn and AIC. CAD Enterprises, Inc. ("CAD") experienced $2.1 million of growth as a result of increased order volume, supply chain improvements and price increases. Additionally, Reverso Pumps LLC (“Reverso") experienced $1.1 million of growth as a result of increased order volume.”

The company operates two divisions:

Industrial and transportation
Commercial air handling

The organic growth occurred in the industrial/transportation division, while there was no organic growth in the air handling division (all came from an acquisition they acquired over the last year, keep an eye on.

Inventories are up, potentially implying, strong demand.

Recall that we removed that stock from our Open Forum Focus Model Portfolio in March of 2024 at a price of $41.0 (closed return was 144.7%). This clearly was a premature move on our part as CRAWA is approaching a near 100% rise since then and the current return since its addition to the portfolio is 353.5%.

In a September 2025 Open Forum clip dedicated to revisiting why the stock was removed from the portfolio, it was because of slowing growth, uncertainty around future acquisitions, and concerns about spreading too thin. We acknowledged that the move might have been premature given the stock’s rebound and really nice financial performance, but emphasized how critical conviction and visibility are when deciding which names deserve to stay in the portfolio. Well, today’s numbers show why investing is hard.

CRAWA specializes in industrial products to diverse markets, including healthcare, aerospace, defense, education, transportation, and petrochemical.

Research

Thu, 31 Jul 2025 04:00:00 GMT

Crawford United Corp (OTC:CRAWA) ($49.52 $139.6M market cap) announced Q2 2025:

Sales of $46.8 million vs $37.6 million in the prior year
EPS of $1.44 vs $0.92 in the prior year
We suspect but have not confirmed, that the company’s HVAC division could be getting growth from datacenter demand. We need to look into the company's commercial vs residential product mix.

“Our sales, gross margin, net income, earnings per share and EBITDA As Defined all reached record highs this quarter. We are pleased with the ongoing success of our business model and remain confident in our ability to achieve long-term strategic priorities. Crawford United is well positioned to pursue opportunities for increased revenue and profitability, always with an eye towards additional acquisitions."

CRAWA specializes in industrial products to diverse markets, including healthcare, aerospace, defense, education, transportation, and petrochemical.

Research

Thu, 27 Feb 2025 15:16:14 GMT

Crawford United Corp (OTC:CRAWA) ($44.55 $125.6M market cap), announced Q4 and full year 2024:

Q4 Sales of $37.4 million vs $33.8 million in the prior year
Q4 EPS of $1.11 vs $0.91 in the prior year
Full year sales of $150.2 million vs $143.9 million in the prior year
Full year EPS of $3.83 vs $3.77 in the prior year

“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.”

CRAWA specializes in industrial products to diverse markets, including healthcare, aerospace, defense, education, transportation, and petrochemical.

Research

Tue, 07 Jan 2025 21:06:10 GMT

Crawford United Corp (OTC:CRAWA) ($42.00 $115.1M market cap) announced it has acquired Rahn Industries, a leading manufacturer of HVAC coils and related coatings, serving both OEM and aftermarket customers in the healthcare, industrial, energy, and defense industries.

“Rahn Industries is strategically important to our Commercial Air Handling segment,” said Brian Powers, CEO of Crawford United. “HVAC coils are the single largest expenditure of our rapidly expanding Air Enterprises business. This acquisition allows us to secure a vital component of our supply chain for the long term,” he added.

The acquisition is expected to add $18 million in annual revenue and be immediately accretive to earrings. This translates to about 40 cents in annual EPS contribution, using CRAWA current margins.

CRAWA currently generates about $140 million in annual revenue.

CRAWA specializes in industrial products to diverse markets, including healthcare, aerospace, defense, education, transportation, and petrochemical.

Research

Wed, 06 Nov 2024 20:39:18 GMT

Crawford United Corp (OTC:CRAWA) ($38.00 $134.5M market cap) (formerly HICKA), announced Q3 2024:

Sales of $36.7 million vs $33.6 million in the prior year
EPS of $0.95 vs $0.80 in the prior year

“We are pleased with the ongoing success of our business model and remain confident in our ability to achieve long-term strategic priorities. So far in 2024, we have completed two acquisitions to strengthen our presence in the aerospace and defense market. Crawford United is well positioned to pursue opportunities for increased revenue and profitability, always with an eye towards additional acquisitions.”

CRAWA specializes in industrial products to diverse markets, including healthcare, aerospace, defense, education, transportation, and petrochemical.

Research

Tue, 03 Sep 2024 14:21:34 GMT

Crawford United Corp (OTC:CRAWA) ($36.10 $101.4M market cap) announced it has acquired Advanced Industrial Coatings, which provides solutions for the aerospace, semiconductor, medical, energy and other industrial sectors.

“Advanced Industrial Coatings is strategically important to our growing presence in the aerospace and defense market,” said Brian Powers, CEO of Crawford United. “The acquisition will expand our offerings and diversify our customer base in this growing market segment,” he added.

The acquisition is expected to add roughly $5 million in annual revenue and be immediately accretive to earnings.

While it is nice to see any acquisition, this one is very small for the company given the trailing 12 month revenue of $140 million. However, it marks the second bolt on acquisition since January 2024, when the company announced the Heany Industries acquisition which is expected to add $7 million in annual revenue and be immediately accretive.

CRAWA specializes in industrial products to diverse markets, including healthcare, aerospace, defense, education, transportation, and petrochemical.

Research

Tue, 30 Apr 2024 14:49:03 GMT

Crawford United Corp (OTC:CRAWA) ($41.00 $145.1M market cap) (formerly HICKA),, announced Q1 2024:

Sales of $38.4 million vs $39.5 million in the prior year
EPS of $0.85 vs $0.97 in the prior year

“While the first quarter of 2024 was not quite as strong as our record-breaking first quarter of 2023, it is a $4.6 million sequential improvement in sales compared to the fourth quarter of 2023. Crawford United remains well positioned to pursue strategic opportunities for increased revenue and profitability, always with an eye towards additional acquisitions.”

CRAWA specializes in industrial products to diverse markets, including healthcare, aerospace, defense, education, transportation, and petrochemical.

Research

Tue, 05 Mar 2024 14:37:45 GMT

Crawford United Corp (OTC:CRAWA) ($30.00 $105.1M market cap) (formerly HICKA),, announced Q4 and full year 2023 results:

Sales of $33.8 million vs $32.7 million in the prior year, and below analyst estimates of $34.7 million
EPS of $0.91.vs $0.88 in the prior year, and ahead of analyst estimates of $0.49
Full year sales of $143.9 million vs $127.8 million in the prior year
Full year EPS of $3.77 vs $1.89 in the prior year

“We are pleased with the ongoing success of our business model and remain confident in our ability to achieve long-term strategic priorities. In 2023, we achieved all-time highs in sales, gross margin, operating income, net income and EBITDA As Defined. At the same time, we reduced our debt to $6.4 million at the end of the year. Crawford United is well positioned to pursue opportunities for increased revenue and profitability, always with an eye towards additional acquisitions.”

CRAWA, company providing specialty industrial products to diverse markets, including healthcare, aerospace, defense, education, transportation, and petrochemical, has been one of our Model Portfolio’s best recent performers, up 185% since its low in early January of 2023 and up 603% since we added the stock to our Model Portfolios in August of 2017. As for valuation, we think a P/E range of 10x to 15x is where shares will trade at, or between $37.77 and $56.55. However, CRAWA Is very acquisitive, so we would expect EPS to continue to increase as it consumes deals. Also, the impact of the accretive acquisition of Heany Industries on January 8, 2024 was not included in the fourth quarter results.

Finally, in case you missed yesterday’s email, we included an bullish Seeking Alpha article on CRAWA, where the author thinks shares could fetch 10X EV/EBITDA.

Research

Mon, 04 Mar 2024 16:43:11 GMT

Over the weekend, Seeking Alpha author Gold Panda wrote a bullish article on GeoInvesting Model Portfolio Holding Crawford United Corp (OTC:CRAWA) ($38.30 $134.4M market cap), “Crawford United: Industrial Products Compounder Trading At Just Over 7x EV/EBITDA”. Gold Panda themselves as an M&A analyst and investor focusing on undervalued microcaps,

The article provides an analysis of the company’s business model, financial performance, and potential for growth. Acquired by the Crawford family in 2016, Crawford United has expanded through acquisitions, building a portfolio of over a dozen specialty industrial products subsidiaries. Despite no acquisitions in 2023, the author anticipates this might change in 2024, projecting an EBITDA of $30 million. The company is compared to Decisive Divid Corp (OOTC:DEDVF) (DE.V), noting similarities in their EV/EBITDA ratios over the past three years. The author suggests Crawford United appears undervalued at a 7.2x EV/EBITDA ratio and considers opening a position in the stock.

Crawford United has diversified from its original focus on electronic testing products for the automotive and trucking industries, now offering a wide range of industrial products and services. The financial review highlights significant revenue and operating income growth post-acquisition by the Crawfords, with a notable reduction in debt in 2023 and an improvement in tangible book value per share. The recent acquisition of Heany Industries is expected to be accretive to earnings, contributing to a positive outlook for 2024.

The author believes Crawford United's valuation is low compared to Decisive Dividend, and sees potential for narrowing the valuation gap, particularly if the company advances its share repurchase program. However, risks are noted, including its OTC Pink market listing and low trading volume, which could limit investor interest. The conclusion is a speculative buy rating for Crawford United, with optimism for continued growth and an improvement in valuation.

Research

Mon, 08 Jan 2024 17:29:47 GMT

Crawford United Corp (OTC:CRAWA) ($32.21 $113.0M market cap) (formerly HICKA), a holding company serving diverse markets, announced the acquisition of Heany Industries, an engineering solutions company for a variety of aerospace, industrial and biomedical applications.

“Heany Industries is strategically important to our growing presence in the aerospace and defense market,” said Brian Powers, CEO of Crawford United. “The acquisition will expand our offerings and diversify our customer base in this growing market segment,” he added.

The acquisition is expected to add $7 million in annual revenue and be immediately accretive.

Research

Fri, 15 Dec 2023 15:23:54 GMT

Crawford United Corp (OTC:CRAWA) ($28.00 $94.7M market cap) (formerly HICKA), a holding company serving diverse markets, announced a share repurchase program of up to 300,000 shares.

“Based on our continued strong performance and the confidence we have in our business going forward, the Board of Directors and management team believe that the company’s shares are an attractive investment opportunity,” said Brian Powers, President and Chief Executive Officer.

Recall, on December 1, 2023 we highlighted this information when the company filed a related 8K. Assuming the company used the full amount of the buyback, this would reduce the overall shares by about 10%. What the press release fails to mention is that the buyback has to be completed by June 2024, which is slight InfoArb that the market may still not be aware of.

Research

Fri, 01 Dec 2023 18:40:39 GMT

Crawford United Corp (OTC:CRAWA) ($26.07 $72.4M market cap) (formerly HICKA), a holding company serving diverse markets, filed an 8K with amendments to its credit agreements.

Two takeaways are that the company has increased the amount it can pay in dividends to $2 million, up from $1.25 million, and they are permitting the repurchase of up to $7 million of stock prior to June 2024.

At current prices, assuming the company used the full amount of the buyback, this would reduce the overall shares by 10%.

Research

Thu, 02 Nov 2023 19:53:10 GMT

Crawford United Corp (OTC:CRAWA) ($30.00 $105.1M market cap) (formerly HICKA), a holding company serving diverse markets, announced Q3 2023 results:

Sales of $33.6 million vs $32.2 million in the prior year, and below analyst estimates of $35.1 million
EPS of $0.80.vs $0.36 in the prior year, and ahead of analyst estimates of $0.61

“We are pleased with the ongoing success of our business model and remain confident in our ability to achieve long-term strategic priorities. Net income in the trailing twelve months is a record $13.1 million and our total debt was reduced to $13.5 million. Crawford United is well positioned to pursue opportunities for increased revenue and profitability, always with an eye towards additional acquisitions.”

The quarterly comps begin to become much more challenging as it heads into Q4 2023 and fiscal 2024. Given the company’s propensity to make acquisitions, the acquisition commentary is something to keep a close eye on as it can have a favorable impact on the financial results moving forward.

Research

Wed, 09 Aug 2023 16:47:27 GMT

Crawford United Corp (OTC:CRAWA) ($30.00 $105.1M market cap) (formerly HICKA), a holding company serving diverse markets, announced Q2 2023 results:

Sales of $36.9 million vs $31.9 million in the prior year, and ahead of analyst estimates of $35.5 million
EPS of $1.09.vs $0.34 in the prior year, and ahead of analyst estimates of $0.60

“We are pleased with the ongoing success of our business model, as sales, profitability and cash flows continue to increase. Net income in the trailing twelve months is a record $11.6 million. Our total debt has been reduced to $17.4 million, which is significantly lower than the $22.3 million EBITDA As Defined in the trailing twelve months. Crawford United is well positioned to pursue opportunities for increased revenue and profitability, always with an eye towards additional acquisitions.”

With trailing 12 month EPS of $3.00, shares are only trading at P/E of 10.

One thing we do need to keep in mind is that the company has two easy quarterly comparisons left before the comparisons get tough. However, we also need to keep in mind that management is very acquisitive and will probably make more acquisitions to continue driving growth.

Research

Tue, 09 May 2023 17:32:36 GMT

Crawford United Corp (OTC:CRAWA) ($16.85; $58.3M market cap) (formerly HICKA), a holding company serving diverse markets, announced Q1 2023 results:

Sales of $39.4 million vs $31.0 million in the prior year, and ahead of analyst estimates of $36.2 million
EPS of $0.97.vs $0.31 in the prior year, and ahead of analyst estimates of $0.56

“We are pleased with the ongoing success of our business model, as our overall sales, gross margins and profitability continue to improve. Crawford United is continuing to explore opportunities for increased revenue and improved profitability, always with an eye towards additional acquisitions.”

Shares are now trading at a trailing P/E of 7.4.

Research

Tue, 21 Mar 2023 19:08:43 GMT

Crawford United Corp (OTC:CRAWA) ($16.00; $55.6M market cap) (formerly HICKA), a holding company serving diverse markets, announced Q4 2022 results:

Sales of $32.7 million vs $27.3 million in the prior year, and ahead of analyst estimates of $31.2 million
Tax adjusted EPS of $0.58.vs $0.13 in the prior year, and ahead of analyst estimates of $0.41

“For the quarter and year ended December 31, 2022, the increases in sales were due to organic growth in each segment, in addition to the acquisitions during 2022 of Reverso Pumps, Separ America and Knitting Machinery. The increase in sales for the year was also attributable to a full twelve months of revenue from Komtek Forge and Emergency Hydraulics, which were acquired in 2021. Net income for the quarter was positively impacted by improved gross margins and a favorable adjustment in income tax expense.

We are pleased with the ongoing success of our business model, as our overall sales and gross margins continue to improve. Crawford United is continuing to explore opportunities for increased revenue and improved profitability, always with an eye towards additional acquisitions.”

Other Highlights:

Shares are trading a trailing P/E of 8.4
GeoPowerRanking (GPR) of 3 (learn about GPR)

Research

Thu, 10 Nov 2022 16:44:33 GMT

Crawford United Corp (OTC:CRAWA) ($16.61; $57.7M market cap) (formerly HICKA), a holding company serving diverse markets, announced Q3 2022 results:

Sales of $32.2 million vs $26.4 million in the prior year
EPS of $0.36 vs $0.35 in the prior year

“We are pleased with the ongoing growth of our company and remain confident in our ability to achieve long-term strategic priorities. Crawford United is continuing to explore opportunities for increased revenue and improved profitability, always with an eye towards additional acquisitions.”

Research

Wed, 10 Aug 2022 04:00:00 GMT

Crawford United Corp (OTC:CRAWA) ($21.47; $73.8M market cap) (formerly HICKA), a holding company serving diverse markets, announced Q2 2022 results:

Sales of $31.9 million vs $26.4 million in the prior year
EPS of $0.34 vs $0.37 in the prior year
Non-GAAP EPS of $0.51 vs $0.45 in the prior year (includes investments in equity securities)

“We are pleased with the ongoing growth of our company and remain confident in our ability to achieve long-term strategic priorities. Crawford United is continuing to explore opportunities for increased revenue and improved profitability, always with an eye towards additional acquisitions.”

Research

Mon, 16 May 2022 14:41:32 GMT

Crawford United Corp (OTC:CRAWA) (formerly HICKA) ($25.37; $87.2M market cap), a holding company serving diverse markets, announced Q1 2022 results:

Sales of $31.0 million vs $23.9 million in the prior year

Non-GAAP EPS of $0.31 vs $0.54 in the prior year

“We are pleased with the ongoing recovery of our business from the pandemic and remain confident in our ability to achieve long-term strategic priorities. Our recent acquisitions of Reverso Pumps and Separ Filters of America will positively impact our levels of sales and earnings for the remainder of 2022. Crawford United is continuing to explore opportunities for increased revenue and improved profitability, always with an eye towards additional acquisitions.”

Research

Tue, 03 May 2022 14:28:02 GMT

Crawford United Corp (OTC:CRAWA) (formerly HICKA) ($26.00; $89.4M market cap), a holding company serving diverse markets, announced the acquisition of Knitting Machinery Corporation of America, a company that designs and manufactures hose reinforcement machinery and replacement parts for the makers of rubber and silicone hoses.

The acquisition is expected to add less than $2 million in annualized revenue and be immediately accretive to earnings.

Research

Sun, 17 Apr 2022 18:12:08 GMT

Crawford United Corp (OTC:CRAWA) (formerly HICKA) ($27.35; $93.2M market cap), a holding company serving diverse markets, announced Q4 2021 results:

Sales of $27.3 million vs $19.9 million in the prior year
Non-GAAP EPS of $031 vs $0.63 in the prior year

“Although our margins have been impacted by labor shortages and supply chain pressures, we are pleased with the ongoing success of our business model. Crawford United is continuing to explore opportunities for increased revenue and improved profitability, always with an eye towards additional acquisitions.”

Research

Mon, 15 Nov 2021 11:49:31 GMT

Crawford United Corp (OTC:CRAWA) (formerly HICKA), a holding company serving diverse markets, announced Q3 2021 results:

Sales of $26.3 million vs $21.2 million in the prior year
EPS of $0.35 vs $0.43 in the prior year

At this time the company has not issued a press release. The results were only issued via a 10-Q. Below are some comments from the filing on the quarterly sales and earnings:

“This increase in sales was primarily attributable to a recovery in demand as COVID-19 pandemic-related restrictions loosened and commercial activity increased, in addition to the acquisitions of Komtek, Global-Tek, Machining Technology and Emergency Hydraulics.

Net income in the current quarter was $1.2 million or $0.35 per diluted share as compared to the net income of $1.4 million or $0.43 per diluted share for the same quarter of the prior year. Unrealized losses related to investments in marketable securities reduced net income by approximately $0.3 million or $0.07 per diluted share in the current quarter.”

Research

Tue, 10 Aug 2021 18:19:13 GMT

Crawford United Corp (OTC:CRAWA) ($34.86; $118.8M market cap) (formerly HICKA), a holding company serving diverse markets, announced Q2 2021 results:

Sales of $26.4 million vs $18.5 million in the prior year
EPS of $0.37 vs $0.07 in the prior year

"For the quarter and the six months ended June 30, 2021, the increases in sales and operating income were due to the acquisitions of Komtek Forge and Global-Tek Manufacturing, as well as organic growth and a recovery in customer demand as we emerge from the global pandemic.

...We are pleased with the ongoing success of our business model. Our recent acquisitions of Komtek Forge, Global-Tek Manufacturing and Emergency Hydraulics will positively impact our levels of sales and earnings for the remainder of 2021. Crawford United is continuing to explore opportunities for increased revenue and improved profitability, always with an eye towards additional acquisitions.”

Research

Wed, 12 May 2021 04:00:00 GMT

Crawford United Corp (OTC:CRAWA) ($28.10; $95.7M market cap) (formerly HICKA), a holding company serving diverse markets announced Q1 2021 results:

Sales of $24.0 million vs $25.3 million in the prior year
Non-GAAP net income of $0.54 vs $0.63 in the prior year

“We are pleased with the ongoing recovery of our business from the pandemic and remain confident in our ability to achieve long-term strategic priorities. Our recent acquisitions of Komtek Forge and Global-Tek Manufacturing will positively impact our levels of sales and earnings for the remainder of 2021. Crawford United is continuing to explore opportunities for growing revenue and improving profitability, with an eye towards additional acquisitions.”

Research

Thu, 18 Mar 2021 11:41:15 GMT

Crawford United Corp (OTC:CRAWA) ($29.80; $99.0M market cap) (formerly HICKA), a holding company serving diverse markets, announced Q4 2020 results:

Sales of $19.9 million vs $21.1 million in the prior year
EPS of $0.63 vs $0.51 in the prior year

“We are pleased with the continuing recovery of our business from the pandemic and remain confident in our ability to achieve long-term strategic priorities. The recent acquisitions of Komtek Forge, Global-Tek Manufacturing and Machining Technology are expected to add $15 million in annualized revenue and be immediately accretive to earnings. Crawford United will continue to explore opportunities for growing our revenue and improving our profitability, with an eye towards additional acquisitions.”

Research

Tue, 02 Mar 2021 21:24:49 GMT

Crawford United Corp (OTC:CRAWA) ($26.00; $86.4M market cap) (formerly HICKA), a holding company serving diverse markets, announced the acquisition of Global-Tek Manufacturing and Machining Technology. The acquired businesses provide customers in the defense, aerospace, and medical device markets with highly engineered manufacturing solutions, including CNC machining, die casting, anodizing, electropolishing, and laser marking.

“Global-Tek and Machining Technology are strategically important to our growing presence in the aerospace and defense markets,” said Brian Powers, CEO of Crawford United. “These acquisitions will expand our offerings and diversify our customer base in this important market segment,” he added.

The acquisitions are expected to add approximately $8 million in annualized revenue to Crawford United and be immediately accretive to earnings. Recall that it was past acquisitions that brought us to cover the CRAWA story when the stock was trading at around $5.00 in July of 2017, then shortly thereafter took an initial position at $5.50 on August 9, 2017.

The stock closed at an all-time high of $26.00 yesterday, or a 372% return from our initial disclosure.

Research

Mon, 16 Nov 2020 15:58:06 GMT

Crawford United Corp (OTC:CRAWA) announced Q3 2020 results:

Sales of $21.3 million vs $22.2 million in the prior year
EPS of $0.43 vs $0.52 in the prior year

“We are pleased with the progress made by each of our business segments in this most recent quarter and remain confident in our ability to pursue and achieve long-term strategic priorities. Crawford United has the stability required to explore opportunities for growing our revenue and improving our profitability, with an eye towards future acquisitions.”

Research

Fri, 14 Aug 2020 19:26:56 GMT

Crawford United Corp (OTC:CRAWA) ($15.50; $51.2M market cap) (formerly HICKA), a holding company serving diverse markets, announced Q2 2020 results:

Sales of $18.6 million vs $24.5 million in the prior year
EPS of $0.07 vs $0.57 in the prior year

The decreases in sales, operating income and net income were due to the impact of COVID-19. The pandemic significantly weakened customer demand across the Company's business segments, particularly in late April through May. The Company took immediate actions, including aggressive management of working capital, elimination of non-critical capital expenditures, reductions in salaried compensation, cuts in discretionary spending, permanent headcount reductions, and temporary layoffs. In June, consolidated revenue improved as demand from key end markets began to recover, resulting in a positive net income for the month and the quarter.

Although we faced challenging market conditions in the second quarter as a result of the global pandemic, we remain confident in our ability to pursue and achieve long-term strategic priorities. Crawford United has the stability required to explore opportunities for growing our revenue and improving our profitability, with an eye towards future acquisitions. We will maintain and build upon our strong relationships with key customers and suppliers as we continue to emerge from the current economic situation.”

Research

Fri, 13 Mar 2020 16:41:29 GMT

Crawford United Corp (OTC:CRAWA) ($14.00; $40.0M market cap) (formerly HICKA), a holding company serving diverse markets, announced Q4 2019 results:

Sales of $21.1 million vs $21.1 million in the prior year and an estimate of $20.9 million
EPS of $0.51 vs $0.43 in the prior year compared to estimate of $0.49
Full year EPS of $2.13 vs $1.14 in the prior year

“We are pleased with the profitable growth of our business in 2019. Our recent acquisition of Marine Products International is expected to add approximately $18 million in annual revenue and be immediately accretive to earnings. Crawford United continues to actively seek strategic and opportunistic acquisitions, in addition to our focus on organic growth within our existing business segments.”

Research

Mon, 06 Jan 2020 16:39:25 GMT

CLEVELAND, Jan. 06, 2020 (GLOBE NEWSWIRE) -- Federal Hose Manufacturing LLC, an operating company owned by Crawford United Corporation (OTC: CRAWA), today announced the purchase of Marine Products International (MPI), located in Eastlake, Ohio. The transaction became effective as of January 1, 2020. The acquired business, which will continue to operate under the name MPI, provides rubber and plastic hoses to the recreational marine industry.

The acquisition is expected to add approximately $18 million in annual revenue to the Industrial Hose business segment of Crawford United and be immediately accretive to earnings.

Research

Wed, 13 Nov 2019 15:55:28 GMT

Crawford United Corp (OTC:CRAWA) ($20.04; $53.6M market cap) (formerly HICKA), a holding company serving diverse markets announced Q3 2019 results:

Sales of $22.2 million vs $19.8 million in the prior year and ahead of analyst estimates of $19.1 million
EPS of $0.52 vs $0.48 in the prior year and ahead of analyst estimates of $0.45 in the prior year

“We are pleased with the profitable growth of our business during the third quarter and expect business conditions to remain robust for the foreseeable future. In addition to our focus on organic growth within our existing business segments, Crawford United continues to actively seek strategic and opportunistic acquisitions. To help fund these opportunities, we have increased the principal amount of our revolving credit facility from $12,000,000 to $20,000,000 and extended the maturity date to June 2024. We continue to maintain low leverage ratios and to pay down debt through free cash flow generation.”

It seems the company is setting the stage for another acquisition opportunity based on management's comments. Recall, it was past acquisitions that brought us to the CRAWA story, when the stock was trading at around $5.00 in July of 2017.

Research

Tue, 13 Aug 2019 18:07:14 GMT

Crawford United Corp (OTC:CRAWA) ($19.00; $52.3M market cap) (formerly HICKA), a holding company serving diverse markets, announced Q2 2019 results:

Sales of $24.5 million vs $13.6 million in the prior year
EPS of $0.57 vs $0.13 in the prior year

“The increases in sales and operating income were the result of the acquisition of CAD Enterprises, Inc. ("CAD") effective July 1, 2018 and organic growth in the other operating segments of the company.”

The company has posted sequential and year over year growth for the 7 straight quarters since we began tracking the stock in July 2017.

Growth is mainly fueled by recent acquisitions and is expected to slow down moving into 2020. However, we expect management to continue making acquisitions.

You can see our past coverage on CRAWA here.

Research

Fri, 17 May 2019 15:32:19 GMT

Hickok Inc (PINK:HICKA) ($16.00; $33.9M market cap), a holding company serving diverse markets announced the name of the company has been changed to Crawford United Corporation and now trades under the symbol CRAWA.

“The Crawford United name stands for quality, integrity and world-class manufacturing expertise,” said Chairman and Chief Executive Officer, Brian Powers. The Company’s common shares will continue to trade over-the-counter under the new ticker symbol “CRAWA” as of May 16, 2019. The name change does not affect the rights of the Company’s shareholders, creditors, customers or suppliers.

You can see our past coverage on HICKA/CRAWA here.

Research

Wed, 15 May 2019 16:56:38 GMT

Hickok Inc (PINK:HICKA) ($15.00; $40.8M market cap), a holding company serving diverse markets, announced Q1 2019 results:

Sales of $21.8 million vs $11.8 million in the prior year
EPS of $0.55 vs $0.11 in the prior year. Up sequentially from $0.43 in Q4 2018.

We await the earnings press release to see if management offers any color on the future outlook of the company. We currently see analyst EPS estimates of $1.92 and $2.04 for fiscal 2019 and 2020 respectively. Based on those estimates, the stock is trading at a P/E of 8. While the growth looks muted for 2020, we would expect the Company to continue its acquisition strategy possibly bringing upside to that number.

You can see our past coverage on HICKA here.

Research

Tue, 26 Mar 2019 14:49:40 GMT

Hickok Inc (PINK:HICKA) ($12.55; $31.3M market cap), a holding company serving diverse markets announced Q4 2018 results:

Sales of $21.1 million vs $11.8 million in the prior year
Non-GAAP EPS of $0.43 vs $0.16 in the prior year

We are awaiting the 10-K to see if management offers any comments/outlook as the press release offers none. Growth has been fueled by acquisitions, but quarters are still lumpy. However, we feel the company will continue to make acquisitions accretive to earnings.

Research

Tue, 13 Nov 2018 15:58:19 GMT

GB Hickok Inc (PINK:HICKA) ($11.00; $27.5M market cap), a holding company serving diverse markets announced Q3 2018 results:

Sales of $19.8 million vs $10.9 million in the prior year
Non-GAAP EPS of $0.86 vs $0.18 in the prior year

The Company previously announced it sold certain assets comprising its Test and Measurement business segment effective June 1, 2018 to Hickok Waekon, LLC in exchange for shares of Class A and Class B Common Stock. As a result of the sale, the Company recorded a one-time loss on the sale of the business segment of $1.2 million.

We are awaiting the 10-Q to confirm that this $1.2 million expense was all in the third quarter. Regardless, the company states its adjusted net income for the 9 months ended September 30, 2018 was $3.4 million ($1.10 EPS) compared with net income of $1.7 million ($0.55 EPS) last year, an increase of 98%. The increases in sales, operating income, net income and adjusted net income were primarily a result of the acquisitions of CAD effective July 1, 2018 and Air Enterprises effective June 1, 2017.

You can see our past coverage on HICKA here.

Research

Wed, 15 Aug 2018 14:44:42 GMT

GB Hickok Inc (PINK:HICKA) ($9.35; $27.0M market cap), a holding company serving diverse markets announced Q2 2018 results:

Sales of $13.5 million vs $7.2 million in the prior year
Non-GAAP EPS of $0.53 vs $0.40

While no press release has been issued yet, we are happy to see that after a couple of quarters of sub par EPS performance, that the company was able to grow its adjusted EPS handsomely for this quarter. We are still trying to secure a follow up interview with management and are taking a closer look at the 10-Q filing. On another positive note, the company’s recent acquisition made in July was obviously not included in the quarter. Here is a press release detailing that acquisition.

Research

Mon, 09 Jul 2018 15:45:16 GMT

GB Hickok Inc (PINK:HICKA) ($10.00; $28.9M market cap), a holding company serving diverse markets, announced late in the day last Friday the acquisition of CAD Enterprises, an industry leader in precision aerospace manufacturing and machining. The acquisition is expected to add more than $30 million in annual revenue to Hickok and be immediately accretive to earnings.

With quarterly revenues running around $10 to $12 million, this acquisition is significant in size.

Following this acquisition we will make HICKA a priority interview candidate.

Research

Wed, 06 Jun 2018 15:59:59 GMT

GB Hickok Inc (PINK:HICKA) ($8.28; $24.1M market cap), a holding company serving diverse markets, announced the sale of certain assets of its Test and Measurement business segment. HICKA sold the assets to to Hickok Waekon, LLC in exchange for shares of Class A and Class B Common Stock held previously by an affiliate of Hickok Waekon, LLC.

“The management of Hickok Incorporated does not expect the transaction to have a significant impact on operating income in the current fiscal year, although the company expects to record a one-time loss on the sale of assets. Concurrent with this asset sale, Robert L. Bauman has resigned from the company’s Board of Directors.”

Research

Wed, 16 May 2018 14:42:54 GMT

GBHickok Inc (PINK:HICKA) ($8.56; $24.7M market cap), a holding company serving diverse markets, announced Q1 2018 results:

Sales of $11.9 million vs $3.3 million in the prior year
EPS of $0.11 vs $0.07 in the prior year
Non-GAAP EPS of $0.20 vs $0.11

As usual, the company offered little to no commentary in its press releases. We will read through the 10-Q to look for any insights. But one thing we are little concerned about is the financial performance of of parts of the company's legacy business and the stability of margins.

Research

Thu, 15 Feb 2018 18:37:26 GMT

GB Hickok Inc (PINK:HICKA) ($9.50; $27.5M market cap), a holding company serving diverse markets, announced its 3 month results for the December 31, 2017 period:

Sales of $11.8 million vs $2.4 million in the prior year period
EPS of $0.15 vs a loss of $0.12 in the prior year period

As usual, the company offered little to no commentary in its press releases. The tax rate for the quarter was 57% (and 50% for September 30, 2017 quarter):

“On December 22, 2017, the Tax Cuts and Jobs Act of 2017 was signed into law. As a result, the Company remeasured its deferred tax assets and liabilities based upon the decrease in the corporate tax rate from 34% to 21%. As a result, the Company recorded tax expense at a 57% effective rate for the period”

At the new normal tax rate of 21%, the company would have reported EPS of $0.29. We will reach out to management to determine what the effective tax rate moving forward will be.

Also, investors should note that the company recently changed its fiscal year end from September 30 to December 31.

Research

Tue, 19 Dec 2017 16:31:43 GMT

GBHickok Inc (PINK:HICKA) ($10.50; $30.2M market cap), a holding company serving diverse markets, reported Q4 2017 results:

Sales of $10.9 million vs $2.7 million in the prior year
EPS of $0.18 vs a loss of $0.13 in the prior year

While earnings were strong on a year over year basis, they were down sequentially from Q3 of $0.31. With its several different operating segments, the margin picture becomes blurred. We are awaiting the Company’s 10-Q filing to dig further into the margin picture.

We have been tracking HICKA since July 2017 due to what we felt was a transformative acquisition. The stock was trading near $5.00 at that time. On August 10, 2017 we coded HICKA as a GeoBargain and disclosed our long position when shares were trading at $6.00. Lastly, we added HICKA to our Multi-Bagger Portfolio in August 2017 when shares were trading at $7.50.

Research

Fri, 11 Aug 2017 14:52:27 GMT

Yesterday, we issued our brief summary on why we were excited about $HICKA ($7.50). Shares have already increased 35% since our tweet on August 9, 2017. We had stated we were working on our full “Reasons for Tracking” note. As we dug deeper, the story is better than we initially thought. We are adding HICKA to our Multi-Bagger Mock Portfolio and will release our full GeoNugget article on the company shortly. In a nutshell, Q3 2017 already stellar performance only included one moneth of a recent acquisition we are very excited about. We did not initially make this connection.

Research

Thu, 10 Aug 2017 14:55:42 GMT

**Call To Action

Yesterday, we issued a premium tweet stating that we were coding $HICKA ($5.50) as a GeoBargain and disclosing a small position in its shares.

Recall, that on July 18, 2017, we sent you a small note talking about how a recent acquisition would significantly increase the size of the company. We also added the stock to ourTier 1 pink list on that same day.

Hickok Incorporated is a diversified supplier of industrial parts and solutions.

The company caught our eye because of two acquisitions it made within the last year, the latest of which has the potential to meaningfully accelerate the business.

Two recent acquisitions:

On July 7, 2016, the Company announced the acquisition of Federal Hose Manufacturing, a profitable manufacturer and distributor of flexible metal and silicone hoses.
On June 1, 2017, the Company announced the acquisition of Air Enterprises, an industry leader in designing, manufacturing and installing large-scale commercial, institutional, and industrial custom air handling solutions. This acquisition adds more than $30 million in annual revenue and will be immediately accretive. (Prior to this acquisition, the Company was on a run rate level of around $10 million in annual sales)

We did not add the stock to the GeoBargain list at the time of our original note because we had not interviewed management and we were unsure of the magnitude of the EPS contribution of the acquisition to Hicka’s business.

Luckily, we just recently interviewed management to learn more about the company. Yesterday's results ( which added some clarity), along with this interview, are what prompted us to code the stock as a GeoBargain.

We believe that the combination of a low share count, an increased revenue base, and improving profitability could position the company for multiple break out quarters in both sales and EPS.

We were about to issue a GeoNugget article on HICKA, but at this point we feel there is a need to quickly get across our bullish points. Below is a snapshot of our Reasons for Tracking and why we like HICKA in our portfolio. We are working on an expanded version of our Reasons for Tracking, which we will share shortly. In the meantime, here is what has piqued our interest:

Impressed with management team
Company fits our “boring can be beautiful” theme that we often talk about. (See our $EML article for more details on this)
Transformative acquisition (see Air Enterprises acquisition above)
Q3 results show how profitable the company is and also confirmed the details that were provided in the press release detailing the acquisition of Air Enterprises.
- Q3 sales of $7.2 million vs $1.5 million in the prior year
- EPS of $0.31 vs $0.00 in the prior year
Room to expand the Air Enterprises acquisition with geographic expansion, new industries, increased wallet share from Air’s current customers and introduction of Air services to the company’s legacy customers.
Moat. Air Enterprises’ moat is defined by the customized solutions it offers its customers that need better quality standards than competitors can offer. Each customer the company deals with has is very specific and has different sets of needs. These customers can't get what they need from cookie cutter providers.
Continued acquisition strategy
Favorable valuation assuming run rate can continue. Using Q3 2017 EPS of $0.31 as run rate would equate to $1.24 EPS. Applying a very conservative P/E of 10 would equate to a near term price target of $12.40
Other positives include low outstanding share count and high insider ownership (roughly 70%)

Research

Tue, 18 Jul 2017 15:13:57 GMT

HICKA ($5.00) - We are keeping a close eye on this holding Company due to what looks to be a transformative acquisition announced on June 1, 2017 of Air Enterprises, an industry leader in designing, manufacturing and installing large-scale commercial, institutional, and industrial custom air handling solutions. HICKA services a number of diverse markets, including healthcare, education, automotive, aerospace, trucking, and petrochemical

The acquisition will add more than $30 million in annual revenue to Hickok and will be immediately accretive to earnings. Prior to the acquisition, HICKA had TTM revenues of around $10 million. We are digging into the story to see what the margins of Air Enterprise are and how HICKA paid for the acquisition.

We are adding HICKA to our Tier One Pink screen.