CRD-B · Crawford & Company

Crawford & Company announced its Q1 2026 results via press release on May 4, 2026, highlighting a challenging quarter marked by a 1% decline in revenues before reimbursements to $309.5 million from $312.0 million in the prior year. GAAP net income fell 27% to $4.9 million ($0.10 diluted EPS), while non-GAAP adjusted EPS was $0.16, down 24% YoY. CEO Bruce Swain noted a mixed environment with revenue growth and margin gains in International Operations offset by reduced U.S. Property & Casualty activity due to benign weather and lower outsourced claims industry-wide. U.S. Property & Casualty revenues dropped 11.3% to $72.9 million, with operating earnings declining to $7.6 million (10.4% margin from 11.9%), driven by fewer weather-related services in Claims Solutions and Catastrophe Services. Broadspire saw modest 1% revenue growth to $104.8 million from disability claims, but operating earnings slipped to $10.9 million (10.4% margin) due to product mix shifts and higher labor costs. International Operations delivered strength, with revenues up 4.5% to $131.9 million (constant dollar basis down 3% excluding $7.8 million FX benefit) and operating earnings surging 80% to $4.0 million (3.0% margin), aided by Canada, Australia, and Asia despite U.K. and Middle East softness. Unallocated corporate costs rose to $8.8 million from higher compensation and self-insurance reserves. Balance sheet remains solid with $54.5 million cash, $194.1 million debt (1.62x leverage), and operations generating $3.3 million cash flow. The company won $24 million in new business, repurchased shares, and paid a $0.075 dividend, underscoring capital return discipline amid resilient non-weather operations and a promising pipeline.