Crawford Q3 2020 Earnings Report
Key Takeaways
Crawford & Company reported increased net income and diluted earnings per share for the third quarter of 2020 compared to the same period in 2019. The company's performance was bolstered by weather-related claims and strategic business decisions, including acquisitions and dispositions. Non-GAAP measures also showed improvement, with adjusted operating earnings and EBITDA increasing.
Crawford delivered strong third quarter 2020 results that grew sequentially from the second quarter and exceeded third quarter 2019 results.
Results were driven by the strength of the core business and further propelled by the surge in weather-related activity in the U.S.
Expanded profitability, driving non-GAAP operating earnings to $28.2 million during the quarter.
Financial position remains very healthy, with operating cash flow up 35% over the prior year-to-date period and net debt at the lowest level since 2013.
Crawford
Crawford
Crawford Revenue by Geographic Location
Forward Guidance
The Company expects the ongoing global economic slowdown resulting from COVID-19 could have a material impact to its results of operations, financial condition and cash flow in one or more future quarters.
Challenges Ahead
- COVID-19 negatively impacted its revenues in the range of $21.0 to $25.0 million for the three months ended September 30, 2020
- The Company expects the ongoing global economic slowdown resulting from COVID-19 could have a material impact to its results of operations, financial condition and cash flow in one or more future quarters.