Crawford Q2 revenue up 10% to $293M, net income falls 51% to $5.8M; margins shrink

CRAWFORD & CO

Revenue before reimbursements $293.3M (+10% YoY); GAAP net income $5.8M vs $11.8M; diluted EPS $0.12 vs $0.22.
Non-GAAP adjusted EPS $0.15 (CRD-A) / $0.16 (CRD-B) vs $0.25 / $0.26. Adjusted EBITDA $21.8M (7.4% margin) vs $29.0M (10.8%).
Platform Solutions revenue +22% to $53.7M but operating earnings halved to $4.6M; International Operations posted a $0.7M operating loss.
Broadspire segment revenue +5.5% to $80.1M, operating earnings up to $7.7M (9.6% margin).
Operating cash used $12.8M in H1 2022 vs $10.5M provided in 2021; $26.7M spent on share repurchases in 2022.

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