Brown & Brown, Inc. Announces a 24.1% Increase in Earnings per Share
(firmenpresse) - DAYTONA BEACH, FL and TAMPA, FL -- (Marketwired) -- 07/15/13 -- Brown & Brown, Inc. (NYSE: BRO) today announced its preliminary, unaudited financial results for the second quarter of 2013.
Net income for the second quarter of 2013 was $52,007,000, or $0.36 per share, compared with $42,471,000, or $0.29 per share for the same quarter of 2012, an increase of 24.1%. Total revenue for the second quarter was $325,792,000, compared with 2012 second-quarter revenue of $290,916,000, an increase of 12.0%.
Total revenue for the six months ended June 30, 2013 was $660,804,000, compared with total revenue for the same period of 2012 of $593,402,000, an increase of 11.4%. Net income for the six-month period ended June 30, 2013 was $112,138,000, or $0.77 per share, compared with $91,904,000, or $0.63 per share for the same period of 2012, an increase of 22.0%.
J. Powell Brown, President and Chief Executive Officer of the Company, noted, "We are very pleased with our quarterly consolidated internal growth rate in core commissions and fees (see the calculation and explanation of this term later in the release) of 7.4%. Our largest Division, Retail, continues to show nice improvements with a quarterly internal growth rate in core commissions and fees of 2.3%, which reflects a gradual, but steady improvement in the middle-market economy. Our other Divisions, National Programs, Wholesale Brokerage, and Services, each had exceptional quarterly internal growth rates in core commissions and fees in excess of 10.0%."
Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance and reinsurance products and services. Additionally, certain Brown & Brown subsidiaries offer a variety of risk management, third-party administration, and other services. Serving business, public entity, individual, trade and professional association clients nationwide, the Company is ranked by Business Insurance magazine as the United States' sixth largest independent insurance intermediary. The Company's Web address is .
This press release may contain certain statements relating to future results which are forward-looking statements, including those relating to the Company's anticipated financial results for the second quarter of 2013. These statements are not historical facts, but instead represent only the Company's current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company's control. It is possible that the Company's actual results, financial condition and achievements may differ, possibly materially, from the anticipated results, financial condition and achievements contemplated by these forward-looking statements. These risks and uncertainties include, but are not limited to, the Company's determination as it finalizes its financial results for the second quarter of 2013 that its financial results differ from the current preliminary unaudited numbers set forth herein, other factors that the Company may not have currently identified or quantified, and other risks, relevant factors and uncertainties identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2012, and the Company's other subsequent filings with the Securities and Exchange Commission. All forward-looking statements made herein are made only as of the date of this release, and the Company does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which the Company hereafter becomes aware.
(1) Total core commissions and fees are our total commissions and fees less (i) profit-sharing contingent
commissions (revenues derived from special revenue-sharing commissions from insurance companies based upon the volume and the growth and/or profitability of the business placed with such companies during the prior year), (ii) guaranteed supplemental commissions (GSC) (revenues derived from special revenue-sharing commissions from insurance companies based solely upon the volume of the business placed with such companies during the current year),and (iii) divested business (commissions and fees generated from offices, books of business or niches sold by the Company or terminated).
(2) The Retail segment includes commissions and fees reported in the "Other" column of the Segment Information, which includes corporate and consolidation items.
Cory T. Walker
Chief Financial Officer
(386) 239-7250
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Datum: 15.07.2013 - 20:30 Uhr
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News-ID 278497
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DAYTONA BEACH, FL and TAMPA, FL
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Personal Finance
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