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Crawford reports third-quarter earnings flat over 2013

Posted On: Nov. 6, 2014 12:00 AM CST

Claims management provider Crawford & Co.'s total revenues in the third quarter of 2014 were essentially flat compared with third-quarter revenues from a year ago, the Atlanta-based company announced on Thursday.

Crawford & Co. recorded $293.8 million in total third-quarter revenues, a fractional increase from the $293.3 million in revenues collected in the same period last year. The company's net income for the third quarter slipped by nearly 24%, falling to $10.2 million.

“Our third quarter 2014 revenues were flat with last year as new business in specialty markets overseas and (subsidiary Broadspire Services Inc.) replaced declines in claims volume in the Americas, and the runoff of a special project within Legal Settlement Administration,” Crawford CEO Jeffrey Bowman said in a statement released on Thursday.

“Consolidated net income for the quarter reflected lower operating earnings in our Legal Settlement Administration and Americas segments and higher selling, general, and administrative costs that were partially offset by improvement in Broadspire's operating results,” he added.

Broadspire, Crawford's global third-party administration segment, grew its third-quarter revenues by 8% over same-period results from 2013, to $68.2 million. The segment's operating income for the third quarter more than doubled results from the previous year, growing to $4.4 million in 2014.