Crawford posts weaker fourth quarter; Broadspire unit up 11.2%
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Crawford & Co. posted net income of $10.8 million for the fourth quarter of 2013, down 23.9% from the claims management provider's $14.2 million in net income for the same period in 2012.
Crawford's revenue for fourth quarter 2013 was $284.9 million, down nearly 9.0% from the fourth quarter of 2012.
For the year, Atlanta-based Crawford posted net income of $51.0 million, up nearly 4.3% from 2012. Crawford's 2013 revenue of $1.16 billion was down approximately 0.8% from 2012.
“Overall, we were pleased with financial performance for the year just ended, reporting growth in net income and diluted earnings per share on flat revenue performance,” Crawford CEO Jeffrey T. Bowman said in a statement. “Our fourth-quarter 2013 consolidated operating earnings were down from the prior year, but in line with our expectations heading into the quarter.”
Crawford's results in 2012's fourth quarter were driven largely by Superstorm Sandy claims response and special projects in the company's Asia-Pacific and legal settlement administration operations, which declined as expected in 2013, Mr. Bowman said.
Crawford's Broadspire segment posted $65.4 million in revenue in the fourth quarter of 2013, up 11.2% from the fourth quarter of 2012. For the year, Broadspire's revenue increased 5.5% to $252.2 million compared with 2012.
“In the Broadspire segment, we saw a steady and significant improvement in both revenue and operating profitability during 2013, and we were pleased with the progress made in these operations during the year,” Mr. Bowman said in the statement.
