Daily Insurance Industry News
Daily Insurance Industry News
Tuesday 21st of May 2019
February 8, 2010

Crawford return to profit in Q4

by Richard Kilner

Story link: Crawford return to profit in Q4

Crawford & Company has announced its financial results for the year and quarter ended 31 December, 2009.

In Q4 the firm generated consolidated revenues of $238.4m, down from the same quarter in 2008 when revenue was $262.9m.

Attributable net income for the quarter was $8.9m, a 6% rise on the $8.3 net income of Q4 2008, with diluted earnings per share rising by $0.01 to $0.17.

The firm returns to the black for the quarter, after suffering a net loss of $39.5m in Q3 of 2009.

Revenue for the year was also down, declining from $1.05bn to $969.9m.

In 2009 Crawford recorded a net loss of $115.7m, substantially worse than the $32.3m net income of 2008.

President and Chief Executive Officer Jeffrey T. Bowman has expressed pleasure at the Q4 results, stating that they were the best of the year.

Bowman added that operating cashflow improved greatly during the final quarter, but warned that he expected economic conditions across the globe to remain challenging into 2010.


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