DAYTONA BEACH, Fla. (AP) — DAYTONA BEACH, Fla. (AP) — Brown & Brown Inc. (BRO) on Monday reported fourth-quarter net income of $268.6 million.
On a per-share basis, the Daytona Beach, Florida-based company said it had profit of 94 cents. Earnings, adjusted for non-recurring gains, were 58 cents per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 53 cents per share.
The insurance company posted revenue of $1.03 billion in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $981.2 million.
For the year, the company reported profit of $870.5 million, or $3.05 per share. Revenue was reported as $4.26 billion.
Brown & Brown shares have increased nearly 6% since the beginning of the year. In the final minutes of trading on Monday, shares hit $75.29, a rise of 22% 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