Crawford & Company® (NYSE: CRD-A and CRD-B), is pleased to announce its financial results for the second quarter ended June 30, 2024. Based in Atlanta, Crawford & Company (NYSE: CRD‐A and CRD‐B) is a leading global provider of claims management and outsourcing solutions to insurance companies and self‐insured entities with an expansive network serving clients in more than 70 countries. Refer to the Company’s website (www.crawco.com) for more information
Rohit Verma, president and chief executive officer of Crawford & Company, commented, “Our growth strategy and initiatives are yielding results. Despite a difficult comparison due to weather events last year, three of our four business segments showed operating earnings growth with improved margins in the quarter. This enabled us to achieve consolidated earnings consistent with last year and reflects Crawford’s diversified revenue model with a healthy balance between weather and non-weather dependent businesses. We added $23 million in new and enhanced business in the quarter, and our pipeline remains robust. As we move through the back half of 2024, I am optimistic about the overall direction of the Company and believe we are well-positioned to drive enhanced value for customers and shareholders.”
GAAP Consolidated Results
Second Quarter 2024
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Revenues before reimbursements of $314.2 million, compared to $324.6 million for the 2023 second quarter
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Net income attributable to shareholders of $8.6 million, increasing from the $8.4 million in the same period last year
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Diluted earnings per share of $0.17 for both CRD-A and CRD-B, unchanged from diluted earnings per share of $0.17 for both share classes in the prior year second quarter
Non-GAAP Consolidated Results
Second Quarter 2024
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Diluted earnings per share, on a non-GAAP basis, totaled $0.25 for both CRD-A and CRD-B in the 2024 second quarter, compared with $0.24 for both share classes in the prior year second quarter
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Net income attributable to shareholders, on a non-GAAP basis, totaled $12.4 million in the 2024 second quarter, compared with $12.0 million in the same period last year
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Consolidated adjusted operating earnings, on a non-GAAP basis, were $22.1 million, or 7.0% of revenues before reimbursements in the 2024 second quarter, compared with $22.8 million, or 7.0% of revenues, in the 2023 second quarter
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Consolidated adjusted EBITDA, a non-GAAP financial measure, was $30.6 million, or 9.7% of revenues before reimbursements in the 2024 second quarter, compared with $31.5 million, or 9.7% of revenues, in the 2023 second quarter
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Foreign currency exchange rates decreased revenues before reimbursements by $1.9 million or less than (1)%. Presented on a constant dollar basis to the prior year period, revenues before reimbursements totaled $316.1 million, decreasing (3)% from the 2023 second quarter