Crawford & Company Provides Consolidated Preliminary Earnings Guidance for the Fourth Quarter and Full Year Ended December 31, 2019; Provides Non-Cash Goodwill Impairment Charge for the Fourth Quarter Ended December 31, 2019
January 23, 2020
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Crawford & Company provided consolidated preliminary earnings guidance for the fourth quarter and full year ended December 31, 2019. For the quarter, the company expects revenues before reimbursements are expected to be in the range of $245.0 million to $249.0 million; net loss attributable to shareholders is expected to be in the range of ($10.0) million to ($12.0) million, after the non-cash adjustments described above; and, diluted loss per share is expected to be in the range of ($0.18) to ($0.22) for CRD-A and ($0.20) to ($0.24) for CRD-B, after the non-cash adjustments described above. The company expects consolidated operating earnings of $17 million.
For the year 2019, the company expects consolidated revenues before reimbursements between $1.00 and $1.01 billion; net income attributable to shareholders of Crawford & Company between $5.0 and $13.0 million, or $0.12 to $0.27 diluted earnings per CRD-A share, and $0.05 to $0.20 diluted earnings per CRD-B share; consolidated operating earnings between $75.0 and $78.0 million.
The company also announced it expects to record a non-cash goodwill impairment charge of between $13.0 million and $17.0 million, or $0.24 to $0.32 per diluted share, in the 2019 fourth quarter related to its Crawford Claims Solutions segment.
Crawford & Company is an independent provider of claims management and outsourcing solutions to carriers, brokers and corporations. Its North America Loss Adjusting segment services the North American property and casualty market, provides claims management services to insurance carriers and self-insured entities related to property and casualty losses. Its International Operations segment provides claims management and adjusting services to insurance carriers and self-insured entities from the property and casualty insurance company markets in the United Kingdom, Europe, Australia, Asia and Latin America. Its Broadspire segment provides third party administration, medical management and technology solutions for workers' compensation, auto and liability, disability and accident claims to corporations, brokers and insurers in the United States. Its Platform Solutions segment provides services to the property and casualty insurance company markets and consumer markets through service.
Crawford & Company Provides Consolidated Preliminary Earnings Guidance for the Fourth Quarter and Full Year Ended December 31, 2019; Provides Non-Cash Goodwill Impairment Charge for the Fourth Quarter Ended December 31, 2019