Loss adjustor’s second quarter results show revenue growth of 9%.
Crawford has posted its second quarter results, showing a net income of $7.9m, up more than 30% on the same period last year.
The claims management company saw diluted earnings per share of 16 cents, up from 12 cents in the prior-year quarter.
Second quarter 2008 revenues before reimbursements for the International Operations segment grew 27.9% to $113.4 million from $88.7 million for the same period in 2007.
Jeffrey T. Bowman, chief executive officer of Crawford & Company, said: “Our second quarter 2008 operating results reflects the strongest second quarter performance since 2001, achieved through incremental revenues and the results of our continued focus on cost control and process improvement. This performance builds on the excellent start we had to the year.
“Our consolidated revenues before reimbursements improved by over 9% on the strength of our international and U.S. property & casualty businesses. Selling, general and administrative (“SG&A”) costs, as a percentage of revenues before reimbursements, were down nearly a full percentage point from the prior-year quarter. We were also pleased with our earnings per share growth during the 2008 second quarter, which was up 167% over the prior year quarter, if you exclude last year’s special credit related to the sale of our former headquarters.
“Operating cash flow through the 2008 second quarter showed a $17.4 million improvement over the 2007 period. We are driving this Company to improve its working capital management and this improvement is a direct result of those efforts.”
UK specific figures were not available.
