Latest news with #BrianPowers
Business Wire
2 days ago
- Business
- Business Wire
Westlake Epoxy Announces Strategic Collaboration With Alpha Recyclage Composites to Advance Composites Recycling
HOUSTON--(BUSINESS WIRE)--Westlake Corporation (NYSE: WLK) announced today that Westlake Epoxy will collaborate with Alpha Recyclage Composites to support them in scaling up the recycling capacity for carbon fiber composite materials. This collaboration will provide support to Westlake's composite customers in their development of improved circular options for both production (scrap or off spec composite materials that otherwise become waste) and end-of-life waste. The recovery of the carbon fibers from composite materials for reuse in new or emerging applications aims to establish a more sustainable alternative to traditional disposal methods such as landfilling and incineration. Alpha Recyclage Composites, a family-owned company based in Toulouse and Castelsarrasin, France, specializes in recycling carbon-fibers-reinforced composites through a patented steam pyrolysis process. This innovative technology preserves the performance qualities of the carbon fibers used in composite materials recovered from applications including aerospace components, automotive parts, and wind turbine blades. With Westlake's support and to meet growing demand, Alpha Recyclage Composites is expanding its current batch unit to a semi-continuous operation, targeting a capacity of 1,000 metric tons of waste carbon fiber composites recycled per year by 2027. 'We are pleased to collaborate with Alpha Recyclage,' says Brian Powers, Vice President – Westlake Epoxy. 'This initiative supports Westlake's broader sustainability goals and aligns with industry's efforts and our customers' objectives to reduce waste and promote the reuse of valuable materials through circular solutions.' By fostering the relationships between Westlake's composite customers and Alpha Recyclage Composites, Westlake Epoxy aims to connect its customers to Alpha Recyclage's expanded capacity and in turn support composite customers in their development of new applications that integrate recycled carbon fibers in different forms. The development of new applications utilizing the recovered carbon fibers could pair well with Westlake Epoxy's EpoVIVE™ portfolio of resin grades with varying sustainable characteristics, like resins that utilize mass balanced renewable raw materials. Westlake Epoxy also plans to leverage this collaboration with Alpha Recyclage to explore and develop solutions for the recovery of organic components from composite materials and how those recovered organics can be applied to further enhance circularity options for the composites value chain. Laura Pech, CEO of Alpha Recyclage Composites, added: 'With over 25 years of experience in tires recycling, including a large-scale steam pyrolysis plant for tires – our family is proud to adapt this process to composite materials. We view Westlake as a strategic collaborator to help us grow this initiative into a more sustainable and profitable business.' About Westlake Westlake Corporation (NYSE: WLK) is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in Houston, with operations in Asia, Europe, and North America, we provide building blocks for vital solutions — from housing and construction, to packaging and healthcare, to automotive and consumer. For more information, visit the company's web site at
Associated Press
27-02-2025
- Business
- Associated Press
Crawford United Corporation Announces Fourth Quarter and Full Year 2024 Results
Earnings per share of $3.83 for the year and $1.11 for the quarter Sales of $150.2 million for the year, an increase of 4.4% Net income of $13.6 million for the year, an increase of 2.3% EBITDA As Defined1 of $26.5 million for the year, an increase of 3.8% CLEVELAND, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Crawford United Corporation (OTC: CRAWA), a growth-oriented holding company serving diverse markets, today reported results for the quarter and year ended December 31, 2024. For the quarter ended December 31, 2024, sales were $37.4 million compared with $33.8 million in the same period in 2023, an increase of 10.5%. In the quarter, the Company recorded operating income of $4.7 million compared with operating income of $3.4 million in the same period of the prior year, an increase of 41.0%. Net income was $3.9 million, or $1.11 per fully diluted share, compared to $3.2 million, or $0.91 per fully diluted share in the fourth quarter of 2023, an increase of 22.0%. EBITDA As Defined was $6.4 million in the quarter compared to $5.1 million in the same period of the prior year, an increase of 26.4%. For the year ended December 31, 2024, sales were $150.2 million compared with $143.9 million in 2023, an increase of 4.4%. In 2024, the Company recorded operating income of $19.7 million compared with operating income of $17.9 million in 2023, an increase of 9.8%. Net income was $13.6 million, or $3.83 per fully diluted share, compared to $13.3 million, or $3.77 per fully diluted share, in 2023, an increase of 2.3%. EBITDA As Defined was $26.5 million, compared to $25.6 million in 2023, an increase of 3.8%. Brian Powers, President and CEO, stated, '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.' About Crawford United Corporation. Crawford United Corporation is a growth-oriented holding company providing specialty industrial products to diverse markets, including healthcare, education, aerospace, defense, and transportation. The company currently operates two business segments. The Commercial Air Handling Equipment segment is a leader in designing, manufacturing, and installing HVAC coils as well as highly customized, large-scale commercial, institutional, and industrial air handling solutions, primarily for hospitals and universities. The Industrial & Transportation Products segment provides highly complex precision components and coatings to customers in the aerospace and defense industries, as well as a full line of branded metal, silicone, plastic, rubber, hydraulic, marine and fuel hose products. For more information, go to Information about Forward Looking Statements. This press release contains forward-looking statements within the meaning of the 'Safe Harbor' provisions of the Private Securities Litigation Reform Act of 1995, including statements made regarding the company's future results. Generally, these statements can be identified by the use of words such as 'guidance,' 'outlook,' 'believes,' 'estimates,' 'anticipates,' 'expects,' 'forecasts,' 'seeks,' 'projects,' 'intends,' 'plans,' 'may,' 'will,' 'should,' 'could,' 'would' and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements, or other statements made by the Company, are made based on management's expectations and beliefs concerning future events impacting the Company and are subject to uncertainties and factors (including, but not limited to, those specified below) which are difficult to predict and, in many instances, are beyond the control of the Company. As a result, actual results of the Company could differ materially from those expressed in or implied by any such forward-looking statements. These uncertainties and factors include (a) shortages in supply or increased costs of necessary products, components or raw materials from the Company's suppliers; (b) availability shortages or increased costs of freight and labor for the Company and/or its suppliers; (c) actions that governments, businesses and individuals take in response to public health crises, including mandatory business closures and restrictions on onsite commercial interactions; (d) conditions in the global and regional economies and economic activity, including slow economic growth or recession, inflation, currency and credit market volatility, reduced capital expenditures and changes in government trade, fiscal, tax and monetary policies, in particular the impact of any protectionist trade policies; (e) adverse effects from evolving geopolitical conditions, such as the military conflict in Ukraine and the Middle East; (f) the Company's ability to effectively integrate acquisitions, and manage the larger operations of the combined businesses, (g) the Company's dependence upon a limited number of customers and the aerospace industry, (h) the highly competitive industries in which the Company operates, which includes several competitors with greater financial resources and larger sales organizations, (i) the Company's ability to capitalize on market opportunities in certain sectors, (j) the Company's ability to obtain cost effective financing and (k) the Company's ability to satisfy obligations under its financing arrangements, and the other risks described in 'Item 1A. Risk Factors' in our Annual Report on Form 10-K and the Company's subsequent filings with the SEC. Brian E. Powers 216-243-2449 1 EBITDA As Defined is a Non-GAAP financial measure. Please refer to the definition and table at the end of this release for a reconciliation of EBITDA As Defined to net income. CRAWFORD UNITED CORPORATION Consolidated Income Statement (Unaudited) Three Months Ended Years Ended December 31, December 31, 2024 2023 2024 2023 Sales $ 37,386,329 100 % $ 33,827,050 100 % $ 150,198,284 100 % $ 143,885,934 100 % Cost of Sales 27,084,231 72 % 26,081,729 77 % 108,552,189 72 % 106,239,852 74 % Gross Profit 10,302,098 28 % 7,745,321 23 % 41,646,095 28 % 37,646,082 26 % Operating Expenses: Selling, general and administrative expenses 5,559,433 15 % 4,381,450 13 % 21,954,718 15 % 19,713,611 14 % Operating Income 4,742,665 13 % 3,363,871 10 % 19,691,377 13 % 17,932,471 12 % Other (Income) Expenses: Interest charges 193,729 0 % 225,256 0 % 997,757 1 % 1,255,984 1 % Loss (gain) on investments — 0 % (24,370) 0 % 367,407 0 % (7,330) 0 % Other (income) expense 311,280 1 % (134,762) 0 % 680,998 0 % (480,331) -1 % Total Other (Income) and Expenses 505,009 1 % 66,124 0 % 2,046,162 1 % 768,323 0 % Income before Income Taxes 4,237,656 11 % 3,297,747 10 % 17,645,215 12 % 17,164,148 12 % Income tax expense 289,241 0 % 60,505 0 % 4,047,248 3 % 3,869,355 3 % Net income $ 3,948,415 11 % $ 3,237,242 10 % $ 13,597,967 9 % $ 13,294,793 9 % Net income per common share Basic $ 1.12 $ 0.92 $ 3.84 $ 3.79 Diluted $ 1.11 $ 0.91 $ 3.83 $ 3.77 Weighted average shares outstanding Basic 3,539,396 3,510,740 3,538,461 3,507,883 Diluted 3,562,841 3,544,043 3,553,008 3,526,836 CRAWFORD UNITED CORPORATION Supplemental Non-GAAP Financial Measures (Unaudited) EBITDA As Defined is a non-GAAP financial measure that reflects net income before interest expense, income taxes, depreciation and amortization, and also excludes certain charges and corporate-level expenses as defined in the Company's current revolving credit facility. The Company presents this non-GAAP financial measure because management uses EBITDA As Defined to assess the Company's performance and believes that EBITDA As Defined is useful to investors as an indication of the Company's compliance with its financial covenants in its revolving credit facility. Additionally, EBITDA As Defined is a measure used under the Company's revolving credit facility to determine whether the Company may incur additional debt under such facility. EBITDA As Defined is not a measure of performance under GAAP and should not be considered in isolation from, or as a substitute for, net income or cash flow information calculated in accordance with GAAP. EBITDA As Defined herein may not be comparable to similarly titled measures of other companies. The following table reconciles net income to EBITDA As Defined: Three Months Ended Years Ended December 31, December 31, 2024 2023 2024 2023 Net income $ 3,948,415 $ 3,237,242 $ 13,597,967 $ 13,294,793 Addback: Interest charges 193,729 225,256 997,757 1,255,984 Income tax expense 289,241 60,505 4,047,248 3,869,355 Depreciation and amortization 1,094,679 765,182 4,134,360 3,921,740 Non-cash stock-based compensation expense 232,225 224,318 1,309,029 1,377,423 Reduction in carrying amount of right of use assets 350,887 453,484 1,432,132 1,720,844 Loss (gain) on investments in equity securities - (24,370) 367,407 (7,330) Non-recurring transaction charges 311,385 136,575 652,807 136,575 EBITDA As Defined $ 6,420,561 $ 5,078,192 $ 26,538,707 $ 25,569,384
