By Katherine Hamilton
Brown & Brown's fourth-quarter revenue beat analyst expectations as commissions and fees rose.
The Daytona Beach, Fla.-based insurance company posted a profit of $210 million, or 73 cents a share, in the three months ended Dec. 31, compared with $269 million, or 94 cents a share, a year earlier.
Analysts polled by FactSet expected a profit of $189 million, or 65 cents a share.
Stripping out certain one-time items, adjusted per-share earnings were 86 cents, ahead of the 77 cents forecast by analysts, according to FactSet.
Revenue rose 14% to $1.18 billion. Analysts surveyed by FactSet forecast revenue of $1.12 billion.
Annual revenue grew 13% to $4.81 billion. Yearly profit was $993 million, or $3.46 a share, up from $871 million, or $3.05 a share, the previous year.
Quarterly commissions and fees increased 15% in the quarter for an annual growth of 12%. Organic revenue grew just under 14% in the fourth quarter and 10% for the year.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
January 27, 2025 17:20 ET (22:20 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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