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Mar 31, 2020
Crawford Q1 2020 Earnings Report
Crawford & Company's financial performance was impacted by benign weather, COVID-19 slowdown, and lower surge events, leading to a net loss and goodwill impairment, though sales pipeline building and investments in IT infrastructure continued.
Key Takeaways
Crawford & Company reported a decrease in revenues and a net loss for the first quarter of 2020. The company faced challenges due to benign weather, a COVID-19 related slowdown, and lower surge events, which triggered a goodwill impairment. Despite these challenges, the company maintained a strong financial position and continued to invest in IT infrastructure.
Revenues before reimbursements decreased to $237.5 million from $247.1 million in Q1 2019.
Net loss attributable to shareholders was $(11.4) million, compared to a net income of $6.1 million in the same period last year.
The company recognized a goodwill impairment of $17.7 million related to Crawford Claims Solutions.
COVID-19 negatively impacted revenues by an estimated $3.5 million and operating earnings by $1.8 million.
Revenue by Geographic Location
Forward Guidance
Crawford & Company withdrew its 2020 guidance provided on the Company’s fourth quarter and full year 2019 earnings call on March 5, 2020.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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