DAYTONA BEACH, Fla. (AP) — DAYTONA BEACH, Fla. (AP) — Brown & Brown Inc. (BRO) on Monday reported third-quarter earnings of $227 million.
On a per-share basis, the Daytona Beach, Florida-based company said it had net income of 68 cents. Earnings, adjusted for amortization costs and costs related to mergers and acquisitions, were $1.05 per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 90 cents per share.
The insurance company posted revenue of $1.61 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $1.51 billion.
Brown & Brown shares have fallen 14% since the beginning of the year. In the final minutes of trading on Monday, shares hit $87.76, a fall of 16% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BRO at https://www.zacks.com/ap/BRO
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