Monday, diversified insurance agency Brown & Brown, Inc. (BRO) reported a marginal increase in net income for the third quarter despite a drop in revenue, aided by lower expenses.
The Daytona Beach, Florida-based company's third-quarter net income increased marginally to $40.96 million from $40.59 million a year ago. Earnings per share was $0.29, flat with last year.
On average, 15 analysts polled by Thomson Reuters estimated earnings of $0.29 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue for the third quarter declined to $243.77 million from $247.03 million in the year-earlier quarter. Analysts expected revenue of $250.30 million for the quarter.
The company's total expenses for the quarter narrowed down to $176.28 million from $179.94 million, with employee compensation and benefits declining to $119.61 million from $122.17 million in the prior-year quarter.
For the nine-month period, the company reported net income of $129.64 million or $0.91 per share, compared to $132.75 million or $0.94 per share in the comparable period last year. Total revenue for the nine-month period increased to $753.72 million from $745.46 million a year ago.
BRO closed Monday's regular trading at $19.38, down $0.05 or 0.26%, on a volume of 770 thousand shares on the New York Stock Exchange.
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