Brown & Brown Inc. (BRO on the NYSE) on Monday reported third-quarter net income of $161.1 million.
The Daytona Beach-based company, one of the largest insurance brokerages in the country, said it had a profit of 57 cents per share. Earnings, adjusted for non-recurring gains, were 50 cents per share.
The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share.
The insurance company posted revenue of $927.6 million in the period, which also fell short of Street forecasts. Five analysts surveyed by Zacks expected $946.5 million.
Brown & Brown shares have fallen 10% since the beginning of the year. Shares in the company closed Thursday at $56.70, down from a high of $63.11 on Oct. 25, when the price plunged.
Topics Profit Loss
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