Crawford Q1 net income falls 73% to $2.8M; revenue down 5% to $301.7M

CRAWFORD & CO

GAAP diluted EPS $0.06 for both CRD-A and CRD-B, down from $0.22 in Q1 2023.
Non-GAAP adjusted EPS $0.13, down from $0.28; adjusted EBITDA $20.6M vs $32.8M.
Broadspire segment revenue hit record $94.3M, up 12.2% YoY; Platform Solutions fell 49.2% due to absence of ~$30M catastrophe claims.
Net cash used in operations $19.8M vs $0.4M used a year ago; free cash flow -$29.4M.
No severe weather activity in Q1 2024; company notes non-weather businesses performed well.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CRAWFORD & CO reported first quarter ended March 31, 2024 results: revenue $301.7 million, net income $2.8 million, EPS $0.06.

Period: first quarter ended March 31, 2024
Revenue: $301.7 million
Net income: $2.8 million
EPS: $0.06
Result: reported results

Exact text from the filing

Revenues before reimbursements of $301.7 million, down (5)% from $316.3 million for the 2023 first quarter • Net income attributable to shareholders of $2.8 million, decreasing from the $10.7 million in the same period last year • Diluted earnings per share of $0.06 for both CRD-A and CRD-B

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Source: SEC EDGAR

accession 0000950170-24-051329

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