Brown & Brown (BRO) Beats Estimates

Brown & Brown, Inc

released financial results late Monday that beat Wall Street estimates. Brown & Brown, Inc (

) reported that its 2nd quarter net income rose 1.3% to $41.2 million, or 29 cents per share, up from $40.7 million, or 29 cents per share, a year earlier. Although revenue fell to $243.7 million, down from $246.4 million, it was better than Wall Street expected. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 26 cents per share, on revenue of $234.41 million. Shares of BRO fell 2.67% to $18.95 on Friday, before recovering some of the losses during after hours trading. The stock moved up 0.63% to $19.07 during the Monday trading session. Analysts covering the stock have a consensus price target of $20.18 per share. Daytona Beach, Florida based Brown & Brown, Inc. is a diversified insurance agency that markets and sells its insurance products and services to customers in the property, casualty and employee benefits areas. The company is divided into four segments, the retail division, the national programs division, the wholesale brokerage division and the services division. Read more