Crawford profit down 66%
International loss adjuster Crawford & Company has posted a first-quarter net income down 66% from last year – from $US9.1 million ($12.07 million) to just $US3.1 million ($4.1 million).
First-quarter revenue also dropped 9% to $US250.5 million ($332 million) from $US275 million ($365 million) in the same quarter last year.
CEO Jeffrey Bowman says the results are better than expected, especially as the global economy is in the midst of a severe downturn.
“While our reported consolidated revenues and earnings are down year-over-year, there are bright spots within our business,” he said.
The company generated US property and casualty revenues of $US55.1 million ($73 million), up 11.2% from $US49.5 million ($65.6 million).
First-quarter revenue also dropped 9% to $US250.5 million ($332 million) from $US275 million ($365 million) in the same quarter last year.
CEO Jeffrey Bowman says the results are better than expected, especially as the global economy is in the midst of a severe downturn.
“While our reported consolidated revenues and earnings are down year-over-year, there are bright spots within our business,” he said.
The company generated US property and casualty revenues of $US55.1 million ($73 million), up 11.2% from $US49.5 million ($65.6 million).