Diversified insurance agency and brokerage firm Brown & Brown, Inc. (BRO) said Monday that its fourth quarter profit fell 29% from a year ago, as revenue declined 8%. The company's quarterly earnings per share also came in below analysts' expectations as did its quarterly revenue.
The company reported net income for the fourth quarter of $23.7 million or $0.17 per share, compared to $33.4 million or $0.24 per share for the year-ago quarter.
On average, 13 analysts polled by Thomson Reuters expected the company to earn $0.22 per share for the fourth quarter.
Total revenue for the fourth quarter fell 8% to $214.16 million from $232.09 million in the same quarter last year. Eight analysts had a consensus revenue estimate of $224.26 million for the fourth quarter.
Commissions and fees declined to $213.3 million in the fourth quarter from $229.9 million a year ago.
For the full year 2009, the company reported net income of $153.3 million or $1.08 per share, compared to $166.1 million or $1.17 per share for the full year 2008.
Total revenue for the full year 2009 fell to $967.88 million from $977.55 million in 2008.
Analysts expected the company to earn $1.14 per share on revenue of $977.32 million for the full year 2009.
J. Powell Brown, President and Chief Executive Officer of Brown & Brown, said, "In 2009 we faced three strong headwinds -- decreasing insurance rates, adverse economic conditions, and a soft merger and acquisition environment."
Brown & Brown shares closed Friday's regular trading session at $17.70, up a penny.
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