Crawford reports 1.7% revenue decline, 40% drop in net earnings in 2014

Claims services firm Crawford & Company reported Monday a slight drop in revenues in 2014, though revenues for the Americas rose 5% from 2013.

Atlanta-based Crawford released its financial results for 2014, reporting full year consolidated revenues before reimbursements of $1.143 billion for 2014, down 1.7% from $1.163 billion in 2013.

 Net income attributable to shareholders dropped 40%, to $30.6 million in 2014, compared to net income in 2013 of $51.0 million.

“Fourth quarter 2014 consolidated revenues before reimbursements totaled $285.5 million, compared with $284.9 million for 2013,” the company stated in a release. “Fourth quarter 2014 net income attributable to shareholders of Crawford & Company was $3.3 million, compared with net income of $10.8 million in the fourth quarter of 2013.”

“Overall our financial performance for 2014 reflected declines in revenues, net income, and diluted earnings per share on a consolidated basis,” stated Crawford CEO Jeffrey Bowman “Likewise, our fourth quarter 2014 consolidated earnings reflected a decline from the 2013 period’s operating results.”

For the Americas, Crawford reported revenues before reimbursements of $85.6 million in the fourth quarter of 2014, up from $79.5 million in the same period in 2013.

“For the year, Americas revenues before reimbursements increased 5% to $359.3 million compared with $342.2 million in 2013.”