Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 48

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 48
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4, remaining consistent as a percent of segment revenues before reimbursements at 21.7% for each respective period. The increase in costs was in line with the increase in revenues and due to increases in automobile expense, professional fees and data processing costs. 

INTERNATIONAL OPERATIONS SEGMENT

Operating Earnings

Our International Operations segment reported operating earnings of $21.0 million, or 5.0% of revenues before reimbursements in 2024, compared with operating earnings of $11.2 million, or 2.9% of revenues before reimbursements in 2023. This increase in operating earnings was due to increased revenues in the U.K., Europe, Asia, and Latin America. 

26

Excluding centralized indirect expenses, gross profit increased from $60.4 million, or 15.8% of revenues before reimbursements in 2023, to $77.5 million, or 18.5% of revenues before reimbursements in 2024. The increase in gross profit was driven by the increase in revenues. 

Operating results for our International Operations 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
     
    $418,607
     
    $382,393
     
    9.5%
     
    $418,081
     
    9.3%

    Direct expenses
     
    341,152
     
    322,025
     
    5.9%
     
    339,592
     
    5.5%

    Gross profit
     
    77,455
     
    60,368
     
    28.3%
     
    78,489
     
    30.0%

    Indirect expenses
     
    56,454
     
    49,187
     
    14.8%
     
    56,643
     
    15.2%

    Total International Operations Operating Earnings
     
    $21,001
     
    $11,181
     
    87.