Summary
Brown & Brown, Inc. (BRO) reported solid financial results for the nine months ended September 30, 2017. Total revenues increased by 5.6% to $1.41 billion, driven by a 4.4% increase in core commissions and fees. Net income grew by 6.2% to $212.1 million, or $1.49 per diluted share, demonstrating continued profitability. The company's organic revenue growth rate was 2.8% for the period, indicating sustained performance from existing operations. The balance sheet shows total assets growing to $7.41 billion, with a significant increase in current assets, largely due to a substantial rise in 'Reinsurance recoverable'. The company maintained a strong liquidity position with $823.2 million in cash and cash equivalents, inclusive of restricted cash. Long-term debt decreased to $860.7 million. The company continued its acquisition strategy, completing six acquisitions during the nine-month period, contributing to its growth.
Financial Highlights
48 data points| Revenue | $462.27M |
| Operating Expenses | $345.30M |
| Interest Expense | $9.88M |
| Net Income | $71.55M |
| EPS (Basic) | $0.00 |
| EPS (Diluted) | $0.00 |
| Shares Outstanding (Basic) | 272.92M |
| Shares Outstanding (Diluted) | 276.36M |
Key Highlights
- 1Total revenues for the nine months increased 5.6% to $1.41 billion.
- 2Net income for the nine months rose 6.2% to $212.1 million.
- 3Diluted EPS increased to $1.49 for the nine months ended September 30, 2017, up from $1.41 in the prior year.
- 4Organic revenue growth remained positive at 2.8% for the nine months, indicating stable underlying business performance.
- 5The company actively pursued its acquisition strategy, completing six acquisitions in the first nine months of 2017.
- 6Total assets grew significantly to $7.41 billion, with a notable increase in 'Reinsurance recoverable'.
- 7Cash and cash equivalents, including restricted cash, stood at a healthy $823.2 million, supporting liquidity.