Brown & Brown Inc. (BRO on NYSE) this week reported third-quarter earnings of $175.9 million.
The Daytona Beach, Florida-based brokerage said it had net income of 62 cents per share. Earnings, adjusted for non-recurring costs, came to 71 cents per share. It declared a quarterly cash dividend of 13 cents per share, up from the previous quarter’s dividend.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 61 cents per share.
The insurance company, which has grown in recent years through acquisitions, posted revenue of $1.07 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $1.03 billion.
Brown & Brown shares have climbed 17% since the beginning of the year. In the final minutes of trading on Monday, shares hit $66.78, a rise of 8.5% in the last 12 months.
In a conference call this week, Brown & Brown CEO Powell Brown said that inflation remains a challenge as costs outpace revenue, particularly for reinsurance costs, according to an AM Best report.
Topics Florida Profit Loss
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