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Crawford
🇺🇸 NYSE:CRD-A
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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.

Total Revenue
$238M
Previous year: $247M
-3.9%
EPS
$0.01
Previous year: $0.1
-90.0%
Adjusted EBITDA
$16.7M
Operating Margin
6.5%
Previous year: 6.9%
-5.8%
Cash and Equivalents
$83.1M
Total Assets
$782M

Crawford

Crawford

Crawford 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.

Company Overview

Full financial data and analysis

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