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.
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