Brown & Brown Jumps as Profit Beats Estimates: New York Mover
Brown & Brown Inc. (BRO), the family-run insurance broker, gained the most since October as profit climbed, beating estimates.
Brown & Brown jumped $1.40, or 5.8 percent, to close at $25.44 in New York, the highest price since July 8.
First-quarter net income advanced 6.8 percent to $49.4 million, or 34 cents a share, beating by 1 cent the average estimate of 14 analysts surveyed by Bloomberg. Organic revenue, which excludes results from recent acquisitions, rose 0.9 percent, the Daytona Beach, Florida-based company said in a statement after markets closed yesterday.
Results “were better than we anticipated,” Chairman and acting Chief Executive Officer J. Hyatt Brown said in the statement.
To contact the editor responsible for this story: Dan Kraut at email@example.com