Brown & Brown Reports Q4 Net Income of $145M

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Brown & Brown Inc. (BRO) on Monday reported fourth-quarter net income of $145.2 million.

The Daytona Beach, Florida-based insurance brokerage said it had profit of 51 cents per share. Earnings, adjusted for non-recurring gains, came to 50 cents per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.

The insurance company posted revenue of $901.4 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $896.1 million.

For the year, the company reported profit of $671.8 million, or $2.37 per share. Revenue was reported as $3.57 billion.

Brown & Brown shares have risen almost 9% since the beginning of the year. In the final minutes of trading on Monday, shares hit $61.96, a decrease of almost 2% in the last 12 months.