ATLANTA - Crawford & Company (NYSE: CRD-A and CRD-B), a global leader in claims management and outsourcing solutions, has announced the appointment of Joel Murphy as an independent director to its board as of Monday. Murphy's extensive 35-year background in capital markets and real estate development is expected to contribute significantly to the company's strategic direction and growth.
Murphy's previous roles include serving as president, CEO, and board chair of Preferred Apartment Communities , Inc. (NYSE: NYSE:APTS), as well as founding and leading New Market Properties, LLC. He is currently the CEO of Murphy Capital and Advisory Group LLC, where he focuses on growth and capital strategies for various firms.
Rohit Verma, CEO of Crawford & Company, expressed confidence in Murphy's ability to enhance the board's expertise, citing his trusted investment perspective and strategic acumen. Jesse C. Crawford Jr., non-executive chair of the board, also welcomed Murphy's fresh insights, which are anticipated to benefit both the company and its shareholders.
Murphy's educational achievements include being a Phi Beta Kappa graduate in Economics from the University of North Carolina at Chapel Hill and a Law Review honors graduate from the University of Georgia School of Law. His past accolades include being named one of Atlanta's Most Admired CEOs by the Atlanta Business Chronicle. Moreover, he is a current member of the Board of Directors for The Orvis Company.
Crawford & Company, headquartered in Atlanta, operates in over 70 countries, providing a wide range of services to insurance companies and self-insured entities. The company has two classes of stock, with Class B Common Stock (CRD-B) holding voting rights and Class A Common Stock (CRD-A) having protections without voting rights.
This expansion of Crawford's board to ten directors is part of the company's ongoing efforts to harness diverse expertise and leadership to steer future growth. The information regarding Joel Murphy's appointment is based on a press release statement from Crawford & Company.
In other recent news, Agilent Technologies (NYSE:A) reported mixed results for the second quarter of 2024. Despite a 7.4% decline in revenue, totaling $1.573 billion, the company's earnings per share of $1.22 exceeded expectations.
The full-year core revenue outlook has been revised, projecting a decline between 4.3% and 5.4%, with EPS anticipated to be between $5.15 and $5.25. In response, Agilent announced plans to streamline its cost structure, aiming for $100 million in annualized savings by fiscal year-end, and intends to repurchase $750 million of its common stock in the latter half of the year.
In other recent developments, Citi reaffirmed its Neutral stance on Agilent, following an announcement from Alnylam Pharmaceuticals regarding successful top-line results from its HELIOS-B clinical study.
The trial evaluated vutrisiran, branded as Amvuttra, for the treatment of ATTR amyloidosis with cardiomyopathy, and achieved its primary endpoints. Citi anticipates that the positive trial results will likely lead to an expanded label for Amvuttra to include ATTR-CM. Agilent's NASD business unit, which supplies Alnylam, is projected to see approximately $300 million in revenues for fiscal year 2024.
Agilent has also launched two new mass spectrometry products, the Agilent 7010D Triple Quadrupole GC/MS System and the Agilent ExD Cell, aimed at enhancing precision and sensitivity in scientific measurements.
These launches are part of Agilent's commitment to customer-driven innovation, addressing the needs of various sectors including bio/pharma, life science research, food, and environmental sectors.
InvestingPro Insights
As Crawford & Company welcomes Joel Murphy to its board, investors may be looking at various metrics and insights to understand the company's financial health and market position. Here are some key insights from InvestingPro that could be of interest:
InvestingPro Data highlights that Crawford & Company has a market capitalization of $38.81 billion, indicating its significant presence in the industry. The company is trading at a price-to-earnings (P/E) ratio of 31.28, which suggests a higher valuation compared to some peers, reflective of optimistic market expectations for future earnings growth. The company's gross profit margin stands at a robust 50.63% for the last twelve months as of Q2 2024, signaling efficient operations and cost management.
An InvestingPro Tip worth noting is that the company's management has been aggressively buying back shares, a move that can often be interpreted as a signal of confidence in the company's future prospects and a potential increase in shareholder value.
Moreover, Crawford & Company has maintained dividend payments for 13 consecutive years, a testament to its commitment to providing consistent returns to shareholders. This track record aligns with Murphy's extensive background in capital markets and may further reinforce investor confidence in the company's financial stability and long-term strategy.
For readers interested in a deeper dive into the company's financials and more exclusive insights, InvestingPro offers additional tips. Visit https://www.investing.com/pro/CRD-A for a comprehensive analysis. Remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are 13 more InvestingPro Tips available, providing a broader perspective on the company's performance and outlook.
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