Crawford & Company reported a total revenue of $323.3 million for the first quarter of 2025, reflecting a 3.3% increase from $313.1 million in the same period of 2024. The growth was driven by a rise in revenues across its North America Loss Adjusting, International Operations, and Broadspire segments, despite a negative impact of $4.4 million from foreign exchange fluctuations. The company’s net income attributable to shareholders surged to $6.7 million, or $0.14 per share, compared to $2.8 million, or $0.06 per share, in the prior year, indicating a significant improvement in profitability.
In terms of operational metrics, Crawford experienced a 5.6% decline in total cases received, totaling 385,519 for the quarter. The North America Loss Adjusting segment saw a notable increase in cases, primarily due to a transfer of low-value inspection services from the Platform Solutions segment. Conversely, the International Operations segment faced a 13.5% decrease in cases, largely attributed to a reduction in high-frequency, low-severity cases in the U.K. and Australia. The Broadspire segment reported a slight increase in cases, driven by new disability clients.
Crawford's strategic focus on enhancing operational efficiency and expanding its service offerings is evident in its financial results. The company reported a decrease in selling, general, and administrative expenses by 3.5% to $74.6 million, attributed to lower professional fees and self-insurance reserves. The operating earnings for the North America Loss Adjusting segment improved to $5.5 million, while the International Operations segment's operating earnings more than doubled to $3.5 million, reflecting better performance in the U.K. and Asia.
Looking ahead, Crawford anticipates continued growth, although it acknowledges potential challenges from macroeconomic factors and market conditions. The company has maintained a strong liquidity position, with cash and cash equivalents totaling $57.4 million as of March 31, 2025, and a borrowing capacity of $186.7 million under its credit facility. The management remains optimistic about leveraging its operational strengths and strategic initiatives to navigate the evolving market landscape.
About CRAWFORD & CO
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