Broadspire TPA unit bolsters Crawford & Co.'s third-quarter resultsPosted On: Nov. 5, 2013 12:00 AM CST
Revenues and profits fell in the third quarter for Crawford & Co., though the claims management provider's results were bolstered by its third-party administration unit, Broadspire Services Inc.
For the quarter ended Sept. 30, Atlanta-based Crawford reported net income of $13.7 million, down 26% from $18.5 million during the third quarter of 2012. The company reported revenues of $313.5 million for the recent quarter, down 3% from revenues of $324.2 million during the same period last year.
For the first nine months of 2013, Crawford reported net income of $40.3 million and revenues of $946.7 million. That's compared with net income of $35.4 million and revenues of $930.6 million during the same period of 2012.
In a statement Monday, Crawford said it expected third-quarter results to show a decline as the company wrapped up “significant” projects related to flooding in Thailand in 2011. However, it noted that the company saw positive results from Broadspire, which provides workers compensation, liability claim and medical management services.
“We are pleased with the progress being made in this important business segment, which is reporting positive operating earnings year-to-date and is more than $5 million ahead of last year at this time,” Crawford President and CEO Jeffrey T. Bowman said in a statement Monday. “We continue to be focused on driving ongoing operating improvements in Broadspire and remain optimistic that we will show sustained operating profitability as we close 2013.”