Crawford & Company® (NYSE: CRD-A and CRD-B) today announced its financial results for the fourth quarter and year ended December 31, 2024.

Revenues before reimbursements increased 17% to $347.3 million in the 2024 fourth quarter from $296.1 million in the 2023 fourth quarter. Fourth quarter net income was $5.7 million, or $0.11 per diluted share for CRD-A and $0.12 for CRD-B, compared to a loss of $(0.8) million, or $(0.02) per diluted share for CRD-A and CRD-B in the prior year quarter.

Revenues before reimbursements increased 2% to a new annual record of $1.293 billion in 2024 from $1.267 billion in 2023. Full year 2024 net income was $26.6 million, or $0.53 per diluted share for CRD-A and $0.54 for CRD-B, compared to $30.6 million, or $0.61 per diluted share for CRD-A and $0.62 for CRD-B in 2023.

Mr. Rohit Verma, president and chief executive officer of Crawford & Company, commented, "Our fourth quarter performance delivered a strong close to 2024, reflecting revenue growth across all business lines and margin expansion in our North America Loss Adjusting, International Operations and Platform Solutions segments. As we expected, after a relatively quiet year, we saw increased claims activity during the fourth quarter in the aftermath of Hurricanes Helene and Milton, which represented the first meaningful increase in outsourced claims activity since the third quarter of 2023. Broadspire continued the momentum it has driven all year, resulting in revenue growth in the quarter and its second consecutive year of record annual revenue. International made solid progress, with several key markets contributing to the segment’s revenue growth and margin improvement.”

Mr. Verma continued, “As we move through 2025, we remain committed to delivering operational excellence, investing in our people, improving our technology, and embracing innovation to enhance the customer experience across all our offerings. Our ability to develop and maintain longstanding client relationships drives our success and positions us as a key partner in periods of both benign and extreme weather. We appreciate the dedication of our employees and the confidence of our clients, which enable us to maintain our market leadership.”

Segment Results for the Fourth Quarter and Full Year

North America Loss Adjusting

North America Loss Adjusting revenues before reimbursements were $79.4 million in the 2024 fourth quarter, increasing 14.0% from $69.7 million in the 2023 fourth quarter.

The segment had operating earnings of $3.4 million in the 2024 fourth quarter, increasing from $0.8 million in the 2023 fourth quarter. The operating margin was 4.2% in the 2024 quarter increasing from 1.1% in the 2023 quarter driven by increased revenues in U.S. Global Technical Services and Field Operations compared to the prior year quarter due to increased weather-related activity from Hurricanes Helene and Milton.

North America Loss Adjusting revenues before reimbursements were $312.2 million in 2024, increasing 2.8% from $303.6 million in 2023.

The segment had operating earnings of $18.2 million in 2024, decreasing from $23.2 million in 2023. The operating margin was 5.8% in 2024 and 7.6% in 2023. The decrease in operating earnings was primarily due to the decrease in revenues in Canada and U.S. Field Operations and reduced staff utilization related to the higher weather-related activity in the prior year.

International Operations

International Operations revenues before reimbursements were $112.5 million in the 2024 fourth quarter, up 15.8% from $97.2 million in the 2023 fourth quarter. Absent foreign exchange rate increases of $2.9 million, revenues would have been $109.6 million for the 2024 fourth quarter.

Operating earnings were $8.5 million in the 2024 fourth quarter, increasing from $2.2 million in the 2023 period. The segment’s operating margin for the 2024 quarter increased to 7.5% compared with 2.3% in the 2023 quarter driven by revenue growth in the U.K and Europe.

International Operations revenues before reimbursements were $418.6 million in 2024, up 9.5% from $382.4 million in 2023. Absent foreign exchange rate increases of $0.5 million, revenues would have been $418.1 million for 2024.

Operating earnings were $21.0 million in 2024, improving from $11.2 million in 2023. The segment’s operating margin for 2024 increased to 5.0% compared with 2.9% in 2023 driven by revenue growth in the U.K., Europe, Asia, and Latin America.

Broadspire

Broadspire segment revenues before reimbursements were $97.7 million in the 2024 fourth quarter, increasing 6.0% from $92.1 million in the 2023 quarter.

Broadspire operating earnings were $10.1 million in the 2024 fourth quarter, representing an operating margin of 10.4%, decreasing from $12.3 million, or 13.3% of revenues, in the 2023 fourth quarter. The decrease was primarily driven by higher self-insurance costs and increased staffing levels.

Broadspire segment revenues before reimbursements were a new annual record of $388.1 million in 2024, increasing 9.1% from $355.7 million in 2023.

Broadspire operating earnings were $52.4 million in 2024, representing an operating margin of 13.5%, increasing from $41.9 million, or 11.8% of revenues in 2023 driven by an increase in revenues resulting from new client programs, increased medical management usage, and pricing improvements.

Platform Solutions

Platform Solutions revenues before reimbursements were $57.6 million in the 2024 fourth quarter, up 55.1% from $37.2 million in the 2023 quarter.

Operating earnings were $4.8 million in the 2024 fourth quarter, increasing from $1.9 million in the 2023 period. The segment’s operating margin for the 2024 quarter was 8.2% as compared with 5.2% in the 2023 quarter resulting from increased weather-related activity from Hurricanes Helene and Milton.

Platform Solutions revenues before reimbursements were $173.7 million in 2024, down (23.0)% from $225.5 million in 2023.

Operating earnings were $11.2 million in 2024, decreasing from $28.5 million in the 2023 period. The segment’s operating margin for 2024 was 6.4% as compared with 12.7% in 2023 due to a reduction in revenues in our Networks service line due to higher weather-related activity in the prior year resulting in a decreased need for staff augmentation services in 2024 and lower Contractor Connection revenues.

Unallocated Corporate and Shared Costs and Credits, Net

Unallocated corporate costs were $8.0 million in the 2024 fourth quarter, compared with $9.4 million in the 2023 period. The decrease in the fourth quarter was primarily due to a $1.2 million decrease in self-insurance costs and a $0.9 million decrease in professional fees, partially offset by a $0.7 million increase in unallocated compensation.

Unallocated corporate costs were $28.1 million in 2024, compared with $19.4 million in 2023. The increase in 2024 was due to a $3.3 million increase in professional fees, $3.0 million increase in unallocated compensation, and a $2.4 million increase in self-insurance costs.

Selling, General, and Administrative Expenses

Selling, general, and administrative expenses (“SG&A”) increased $3.7 million, or 4.9%, in the three months ended December 31, 2024 as compared with the 2023 period. The increase was primarily due to increased self-insurance costs and compensation.

SG&A increased $13.2 million, or 4.6%, in 2024 as compared with 2023. The increase was primarily due to higher professional fees and IT costs, partially offset by the benefit from contingent earnout adjustments.