Q3 2024 Crawford & Co Earnings Call Transcript
Key Points
- Crawford & Co (CRD.A) achieved a new quarterly revenue record in its Broadspire and U.S. GTS service lines, demonstrating strong performance in non-weather dependent businesses.
- The international operations segment showed solid revenue growth and margin expansion, with an 8% increase in revenue compared to the previous year.
- The company added $24.4 million in new and enhanced business, reflecting a focus on sustainable growth and strategic partnerships.
- Crawford & Co (CRD.A) maintained a strong balance sheet with leverage at approximately 2.2 times EBITDA, providing financial flexibility.
- The company is committed to returning capital to shareholders, as evidenced by ongoing quarterly dividends for CRD A and CRD B shares.
- Consolidated earnings for the quarter declined due to lower weather-related revenue in North America loss adjusting and platform solutions segments.
- Operating earnings in North America loss adjusting decreased by 48% from the prior year, impacted by lower storm severity and frequency.
- Platform Solutions segment saw a 24% decrease in revenues compared to the previous year, affected by reduced storm frequency.
- GAAP net income attributable to shareholders decreased to $9.5 million from $12.3 million in the same period of 2023.
- Free cash flow was negative $18.4 million, a significant decrease from $40.4 million in the previous year, primarily due to lower operating earnings and higher incentive compensation payments.
Good morning. My name is Angeline and I will be your conference facilitator for today. At this time, I would like to welcome everyone to the Crawford and Company third quarter, 2024 earnings release conference call. (Conference Instructions).
Now I would like to introduce Tami Stevenson, Crawford and Company, a General Counsel.
Thank you, Angeline. Some of the matters to be discussed in this conference call and the supplementary financial presentation may include forward-looking statements that involve risks and uncertainties.
These statements may relate to among other things, our expected future operating results and financial condition, our ability to grow our revenues and reduce our operating expenses, expectations regarding our anticipated contributions to our underfunded defined benefit pension plans, collectability of our billed and unbilled accounts receivable financial results from recently completed acquisitions. Our continued compliance
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