Brown & Brown Q4 Results Top Estimates

(RTTNews) - Brown & Brown Inc. (BRO) reported that its fourth quarter net income increased to $268.6 million or $0.94 per share from $145.2 million or $0.51 per share in the same quarter last year.

Adjusted net income was $0.58 compared to $0.50 in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.53 per share for the fourth quarter. Analysts' estimates typically exclude special items.

Revenues for the fourth quarter of 2023 were $1.03 billion, increasing $124.8 million, or 13.8%, compared to the fourth quarter of the prior year, with commissions and fees increasing by 12.4% and Organic Revenue increasing by 7.7%. Analysts expected revenue of $985.48 million for the quarter.

Powell Brown, president and chief executive officer of the Company, said, "We are extremely pleased with our performance in the fourth quarter and for the full year, in which we grew our revenues 10.2% organically and crossed our intermediate revenue goal of $4 billion. We now embark on our next goal of $8 billion."

The Company also announced a new alignment of its businesses in conjunction with the divestiture of certain businesses within Services segment in the fourth quarter of 2023, moving from four to three segments beginning in 2024: Retail, Programs and Wholesale Brokerage.

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