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Crawford & Co. updates FY'19 guidance

Crawford & Co. now expects full-year 2019 consolidated revenues before reimbursements to be between $1.02 billion and $1.07 billion, compared to previous guidance of between $1.05 billion and $1.10 billion.

The company's 2019 net income attributable to shareholders is now expected to range from $38 million to $43 million, compared to previous guidance of $46 million to $51 million.

The company updated its guidance for 2019 to reflect the impact of foreign exchange on revenues and the Garden City Group arbitration settlement. Crawford & Co. said during the three months ended June 30, it recognized pretax charges of $11.4 million related to an arbitration panel award to three of the four former executives of Crawford & Co.'s former Garden City Group associated with their departure from that company Dec. 31, 2015.

Crawford & Co. reported second-quarter net income attributable to shareholders of $2.6 million, up from a loss of $2.4 million in the prior-year quarter.