Earnings

The company attributed the swing largely to favorable net realized gains, including changes in embeddedDerivativestied to a funds withheldReinsurancearrangement and inFair ValueMarket Riskbenefits. Pre-tax income was $2.32 billion, against a pre-tax loss of $42 million a year earlier.

Crawford provides claims management and outsourcing services to insurance carriers and self-insured entities through three segments: U.S. Property & Casualty, Broadspire and International Operations. Income before income taxes was $22.3 million compared with $18.2 million, and the tax provision was $7.3 million.

Below the operating line, a loss onDerivativesof $405.8 million compared with a gain of $55.7 million in the prior-year quarter, and interest expense rose 30% to $94.2 million. Net loss was $0.6 million, against a loss of $10.3 million, and the loss attributable to …

Revenue reached $12.7 million, against $0.9 million a year earlier. Nearly all of it was $12.3 million of previously deferred collaboration revenue, recognized after its partner said it would not exercise an option on a specified target.

The Midland, Texas-based company explores for and produces oil andNatural Gasin the Permian Basin.Net Incomeattributable to the company was $1.603 billion, or $5.69 per diluted share, compared with $1.018 billion, or $3.51, a year earlier. AdjustedEarningswere $5.86 per diluted share.

Asset impairments dropped to $14.5 million from $93.2 million, tied to two vacant medical office properties held for sale. Interest expense fell 24.0% to $37.2 million, mainly because discount accretion on previously outstanding senior secured notes ended after fullRedemptionin 2025.

The Milwaukee-based company makes commercial snow and ice control equipment under the FISHER, SNOWEX and WESTERN brands, plus truck-mounted cranes, and upfits work trucks. Income from operations more than doubled to $31.3 million from $14.1 million.