Insurance broker Brown & Brown Inc. (BRO) Friday reported a 13 percent increase in fourth-quarter profit that also beat analysts' estimates, driven mainly by higher revenues. The company's revenues for the full-year 2011 exceeded the $1 billion mark.
Daytona Beach, Florida-based Brown & Brown's profit improved to $36.5 million or $0.25 per share from $32.1 million or $0.22 per share last year. On average, 16 analysts polled by Thomson Reuters expected earnings of $0.22 per share for the quarter. Analysts' estimates typically exclude special items.
Brow & Brown's revenues for the quarter grew 6.2 percent to $244.1 million, topping analysts' estimate of $239.63 million.
Brown & Brown offers insurance and reinsurance products and services, while certain of its divisions provide risk management services.
For the full year 2011, the company's profit rose to $164.0 million or $1.13 per share from $161.8 million or $1.12 per share last year. Total revenues advanced 4.2 percent to $1.01 billion. Analysts expected earnings of $1.10 per share on revenues of $1.01 billion.
Chief Executive Hyatt Brown said, "We challenged our team with this $1 billion goal shortly after the end of 2001 when we attained $365 million in total revenues. To reach this goal and to nearly triple our revenues during this time period, given the overwhelming economic headwinds of the last four years, is I believe a testament to the strength, focus and dedication of each individual in our company."
BRO closed Friday's trading on the NYSE at $23.35, down $0.20 or 0.85%. In after hours, the stock gained $0.35 or 1.50%.
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