Crawford & Company reported its financial results for the third quarter and the nine months ended September 30, 2024, revealing a mixed performance compared to the same periods in 2023. Total revenues for Q3 2024 reached $342.7 million, a slight increase of 0.2% from $342.2 million in Q3 2023. However, for the nine months ended September 30, 2024, total revenues decreased by 2.5% to $982.7 million from $1,007.8 million in the prior year.
The company's revenues before reimbursements for Q3 2024 were $329.4 million, down 0.2% from $330.1 million in Q3 2023. For the nine-month period, revenues before reimbursements fell by 2.7% to $945.3 million from $971.0 million in 2023. The decline in revenues was primarily attributed to the Platform Solutions segment, which experienced significant decreases in case volumes and revenues due to higher weather-related activity in the previous year.
Net income for Q3 2024 was $9.4 million, down from $12.2 million in Q3 2023, while net income for the nine months ended September 30, 2024, was $20.7 million, compared to $31.2 million in the same period in 2023. Earnings per share for Class A Common Stock decreased to $0.19 for Q3 2024 from $0.25 in Q3 2023, and for the nine months, it fell to $0.42 from $0.64.
The North America Loss Adjusting segment reported revenues of $79.3 million for Q3 2024, a slight decrease from $79.9 million in Q3 2023. The International Operations segment, however, saw a revenue increase of 7.8% to $105.7 million in Q3 2024, driven by growth in the U.K. and Europe. Broadspire also reported a 7.4% increase in revenues to $99.0 million for the same quarter.
Crawford & Company’s total costs and expenses for Q3 2024 were $325.5 million, up from $321.0 million in Q3 2023. The increase in costs was primarily due to higher compensation expenses across most segments. Operating earnings for the North America Loss Adjusting segment decreased significantly, reflecting reduced revenues and increased expenses.
As of September 30, 2024, the company had cash and cash equivalents of $52.3 million, down from $58.4 million at the end of 2023. The company also reported a decrease in unbilled revenues, which fell to $116.6 million from $135.0 million at the end of 2023. The overall financial position indicates a challenging environment, with strategic adjustments needed to address declining revenues in certain segments.
About CRAWFORD & CO
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