Brown & Brown Inc. (BRO on NYSE) this week reported third-quarter earnings of $175.9 million.
The Daytona Seaside, Florida-based brokerage stated it had web earnings of 62 cents per share. Earnings, adjusted for non-recurring prices, got here to 71 cents per share. It declared a quarterly money dividend of 13 cents per share, up from the earlier quarter’s dividend.
The outcomes exceeded Wall Road expectations. The common estimate of 5 analysts surveyed by Zacks Funding Analysis was for earnings of 61 cents per share.
The insurance coverage firm, which has grown in recent times by acquisitions, posted income of $1.07 billion within the interval, which additionally topped Road forecasts. 5 analysts surveyed by Zacks anticipated $1.03 billion.
Brown & Brown shares have climbed 17% for the reason that starting of the yr. Within the ultimate minutes of buying and selling on Monday, shares hit $66.78, an increase of 8.5% within the final 12 months.
In a convention name this week, Brown & Brown CEO Powell Brown stated that inflation stays a problem as prices outpace income, notably for reinsurance prices, based on an AM Best report.
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