Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 44

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 44
---

     
    67
     
    349
     
    227
     
    (80.8)%
     
    53.7%

    Net Income (Loss) Attributable to Shareholders of Crawford & Company
     
    $26,596
     
    $30,609
     
    $(18,305)
     
    (13.1)%
     
    267.2%

nm = not meaningful

24

YEAR ENDED DECEMBER 31, 2024 COMPARED WITH YEAR ENDED DECEMBER 31, 2023

NORTH AMERICA LOSS ADJUSTING SEGMENT

Operating Earnings

Operating earnings in our North America Loss Adjusting segment totaled $18.2 million, or 5.8% of revenues before reimbursements, in 2024, compared with 2023 operating earnings of $23.2 million, or 7.6% of revenues before reimbursements. The decrease in operating earnings in 2024 was primarily due to the decrease in revenues in Canada and U.S. Field Operations and reduced staff utilization related to the higher weather-related activity in the prior year. 

Excluding indirect expenses, gross profit decreased from $62.2 million, or 20.5% of revenues before reimbursements in 2023, to $56.8 million, or 18.2% of revenues before reimbursements in 2024, due to a decrease in revenues in U.S. Field Operations, increases in expenses within U.S. Global Technical Services, and a decrease in revenues in Canada, as compared to the prior year. 

Operating results for our North America Loss Adjusting segment, including gross profit, are as shown in the following table:

    In thousands (except percentages)

    Based on actual exchange rates

    Based on exchange ratesfor December 31, 2023

    Year Ended December 31,
     
    2024

    2023

    Variance

    2024

    Variance

    Revenues
     
    $
    312,158

    $
    303,629

    2.8
    %
     
    $
    313,506

    3.3
    %

    Direct expenses

    255,388

    241,475

    5.8
    %

    256,572

    6.3
    %

    Gross profit