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Crawford & Company Reports 2026 First Quarter Results

TSX:CRDCRD
  • Crawford & Company reported first quarter 2026 revenues before reimbursements of $309.5 million, a 1% decrease from $312.0 million in the prior year period.
  • GAAP net income attributable to shareholders was $4.9 million, or $0.10 per diluted share for CRD-A and CRD-B, down from $6.7 million, or $0.13 per share, in Q1 2025.
  • Non-GAAP consolidated adjusted operating earnings were $13.7 million, a 23% decrease from $17.8 million, while non-GAAP adjusted EBITDA fell 16% to $22.4 million.
  • U.S. Property and Casualty revenues decreased 11.3% to $72.9 million due to lower weather-driven claims activity, resulting in operating earnings of $7.6 million.
  • Broadspire revenues increased 1.0% to $104.8 million driven by higher disability claims, though operating earnings declined to $10.9 million due to product mix shifts and increased wages.
  • International Operations revenues rose 4.5% to $131.9 million, with operating earnings increasing to $4.0 million as a 3.0% margin, offset by declines in the U.K. and Middle East.
  • Unallocated corporate costs rose to $8.8 million from $6.1 million, primarily due to increased administrative compensation expenses and self-insurance reserves.
  • Selling, general, and administrative expenses increased 2.1% to reflect higher self-insurance reserves, partially offset by reduced contingent earnout expenses.
  • The company held $54.5 million in cash and cash equivalents as of March 31, 2026, with total debt outstanding at $194.1 million.
  • Operating cash flow for the quarter was $3.3 million, a significant improvement from the $13.9 million used in the prior year period.
  • During the quarter, the company repurchased 468,314 shares of CRD-A at an average cost of $10.48 and 59,555 shares of CRD-B at an average cost of $10.29.
  • CEO Bruce Swain noted a mixed environment characterized by strong international growth tempered by benign weather affecting U.S. property claims, while securing nearly $24 million in new business.
  • A conference call to discuss these results is scheduled for May 5, 2026, at 8:30 a.m. Eastern Time.