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Crawford & Company (CRD) is a global leader in claims management and outsourcing solutions, with a robust portfolio of services designed to help businesses manage risk and navigate the complexities of insurance claims. Founded in 1941, the company has grown to operate in over 70 countries, providing a comprehensive range of services that include loss adjusting, third-party claims administration, managed repair services, and medical management for various industries.
Known for its innovative approach and commitment to excellence, Crawford & Company has introduced several cutting-edge technologies and practices that streamline claims processing and improve customer satisfaction. Recent achievements include the launch of their advanced claims management platform, which leverages artificial intelligence and data analytics to enhance efficiency and accuracy. Additionally, Crawford & Company has formed strategic partnerships with leading insurance providers and tech firms to further bolster its service offerings and market reach.
Financially, Crawford & Company has demonstrated resilience and growth, reflecting a strong financial position. The company's revenue and profit margins have seen consistent improvements, underpinned by a diversified revenue stream and prudent cost management strategies.
At the heart of Crawford & Company's operations are its core values of integrity, quality, and innovation. The company is dedicated to providing top-tier service to its clients, ensuring timely and fair claims resolutions. As the insurance landscape continues to evolve, Crawford & Company remains at the forefront, adapting to new challenges and opportunities with agility and foresight.
Crawford & Company reported Q3 2024 revenues of $329.4 million, slightly down from $330.1 million in Q3 2023. Net income decreased to $9.5 million from $12.3 million year-over-year. Diluted earnings per share were $0.19 for both CRD-A and CRD-B shares. Broadspire achieved record quarterly revenue of $99.0 million, up 7.4% YoY. International Operations saw 7.8% revenue growth to $105.7 million. However, North America Loss Adjusting and Platform Solutions segments were impacted by lower weather-related activity. The company's consolidated adjusted EBITDA was $29.6 million, down from $38.6 million in Q3 2023.
Crawford & Company (NYSE: CRD-A and CRD-B) announced that its Board of Directors has declared a quarterly dividend of $0.07 per share for both Class A and Class B Common Stock. The dividend will be paid on December 6, 2024, to shareholders of record as of the close of business on November 19, 2024. The declaration was made during the company's regular quarterly board meeting on October 31, 2024.
Crawford & Company (NYSE: CRD-A and CRD-B) has announced its third quarter 2024 earnings conference call schedule. The company will release its earnings for the quarter ended September 30, 2024, on Monday, November 4, 2024, at 4:15 p.m. Eastern Time. The conference call to discuss quarterly earnings and other developments will be held on Tuesday, November 5, 2024, at 8:30 a.m. Eastern Time.
Participants can access the call via audio only by dialing 1-800-549-8228 (Conference ID: 04164). For audio and slide presentation access, the call will be webcast by Q4 Inc. and can be accessed on Crawford & Company's investor website. Financial and statistical information for the earnings call will be available on the company's website at ir.crawco.com/financials.
Crawford & Company (NYSE: CRD-A, CRD-B) reported its Q2 2024 results, with revenues before reimbursements at $314.2 million, down from $324.6 million in Q2 2023. Net income attributable to shareholders increased to $8.6 million from $8.4 million last year, with diluted EPS at $0.17 for both share classes, unchanged from Q2 2023. Non-GAAP diluted EPS rose to $0.25 from $0.24. The company added $23 million in new business, with a robust pipeline.
Segment Results:
- North America Loss Adjusting: Revenues of $76 million, slight decline; operating earnings up to $4.9 million.
- International Operations: Revenues up 7.3% to $102.3 million; operating earnings rose to $5.7 million.
- Broadspire: Record revenues of $97.1 million, up 11.3%; operating earnings surged to $15.1 million.
- Platform Solutions: Revenues fell 40.8% to $38.8 million; operating earnings down to $1.5 million.
Company's debt rose to $233.8 million, with cash and equivalents at $46.7 million. Cash used in operations was $8.3 million for H1 2024, versus $27.2 million provided in 2023. No CRD-A shares were repurchased, but 230,861 shares of CRD-B were repurchased for $2.1 million.
Crawford & Company (NYSE: CRD-A and CRD-B) has announced its participation in the 2024 William Blair Insurance, Banking & Wealth Virtual Conference. The company's President and CEO, Rohit Verma, will be a part of the Core Systems InsurTech Panel on Tuesday, August 13, 2024, at 8:45 am ET.
This conference provides a platform for Crawford & Company to showcase its expertise in the insurance industry and discuss the latest trends in InsurTech. The participation of the company's top executive highlights Crawford's commitment to staying at the forefront of technological advancements in the insurance sector.
Crawford & Company (NYSE: CRD-A and CRD-B) has announced a quarterly dividend declaration following its regular board meeting on July 25, 2024. The company will pay $0.07 per share for both Class A and Class B Common Stock. This dividend is payable on August 30, 2024, to shareholders of record as of the close of business on August 12, 2024. This announcement demonstrates Crawford & Company's commitment to providing regular returns to its shareholders, maintaining its dividend policy despite potential economic uncertainties.
Crawford & Company (NYSE: CRD-A and CRD-B) has announced its second quarter 2024 earnings conference call schedule. The company will release its earnings for the quarter ended June 30, 2024, on Monday, August 5, 2024, at 4:15 p.m. Eastern Time. The conference call to discuss quarterly earnings and other developments will be held on Tuesday, August 6, 2024, at 8:30 a.m. Eastern Time.
Investors can access the call via audio-only by dialing 1-888-259-6580 (Conference ID: 95332233) or through audio and slide presentation webcast hosted by Q4 Inc. The webcast link and additional financial information will be available on Crawford & Company's investor website at ir.crawco.com.
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