Brown & Brown (BRO) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.Individual inves ...

Core Insights - Brown & Brown, Inc. (BRO) reported third-quarter 2024 adjusted earnings of 91 cents per share, exceeding the Zacks Consensus Estimate by 4.6% and reflecting a year-over-year increase of 28.2% [1] - Total revenues reached $1.2 billion, surpassing the Zacks Consensus Estimate by 2.2% and showing an 11% year-over-year improvement, primarily driven by a 10.4% increase in commission and fees [2] - Investment income surged 82.3% year over year to $31 million, significantly exceeding both the Zacks Consensus Estimate and internal estimates [3] Financial Performance - Adjusted EBITDAC was reported at $414 million, an 11.9% increase year over year, with EBITDAC margin expanding by 30 basis points to 34.9% [3] - Total expenses rose by 0.8% to $869 million, attributed to increased employee compensation, operating expenses, and interest [4] - Cash and cash equivalents at the end of Q3 stood at $2.7 billion, a 17.3% increase from the end of 2023, while long-term debt rose to $3.4 billion, up 4.3% [5] Dividend and Shareholder Returns - The board of directors declared a regular cash dividend of $111 million during the reported quarter [6] Industry Context - Peer companies such as Marsh & McLennan and Aon also reported positive earnings, with Aon showing a 26% year-over-year revenue increase, indicating a robust industry performance [8][10]

Brown & Brown, Inc. (NYSE:BRO) Q3 2024 Earnings Conference Call October 29, 2024 8:00 AM ET Company Participants Powell Brown - President and CEO Andy Watts - EVP, CFO and Treasurer Conference Call Participants Gregory Peters - Raymond James Rob Cox - Goldman Sachs Elyse Greenspan - Wells Fargo Yaron Kinar - Jefferies Michael Zaremski - BMO Mark Hughes - Truist Securities Alex Scott - Barclays Meyer Shields - Keefe, Bruyette & Woods Grace Carter - Bank of America Scott Heleniak - RBC Capital Markets Brian ...

Third Quarter 2024 Results October 28, 2024 Brown R Information Regarding Forward-Looking Statements This presentation and the statements made during our earnings call may contain certain statements relating to future results which are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. You can identify these statements by forward-lookin ...

For the quarter ended September 2024, Brown & Brown (BRO) reported revenue of $1.19 billion, up 11.1% over the same period last year. EPS came in at $0.91, compared to $0.71 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $1.16 billion, representing a surprise of +2.20%. The company delivered an EPS surprise of +4.60%, with the consensus EPS estimate being $0.87. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall St ...

Brown & Brown (BRO) came out with quarterly earnings of $0.91 per share, beating the Zacks Consensus Estimate of $0.87 per share. This compares to earnings of $0.71 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 4.60%. A quarter ago, it was expected that this insurance company would post earnings of $0.87 per share when it actually produced earnings of $0.93, delivering a surprise of 6.90%.Over the last four quarters, the com ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 BROWN & BROWN, INC. (Exact name of Registrant as specified in its charter) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-13619 Florida 59-0864469 (State or other jurisdiction of inc ...

[Financial Performance Highlights](index=1&type=section&id=Financial%20Performance%20Highlights) [Third Quarter 2024 Performance](index=1&type=section&id=Third%20Quarter%202024%20Performance) Brown & Brown reported strong growth in Q3 2024, with total revenues increasing 11.0% to $1.2 billion, driven by a 9.5% rise in Organic Revenue. Net income saw a significant increase of 33.0% to $234 million, resulting in a diluted EPS of $0.81, up 30.6% year-over-year. The adjusted diluted EPS also grew by 12.3% to $0.91 Q3 2024 Key Financial Metrics (vs. Q3 2023) | Metric | Q3 2024 | Q3 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenues | $1.2 billion | $1.068 billion | +11.0% | | Organic Revenue Growth | 9.5% | N/A | N/A | | Income Before Income Taxes | $317 million | $242 million | +31.0% | | Net Income | $234 million | $176 million | +33.0% | | Diluted Net Income Per Share (EPS) | $0.81 | $0.62 | +30.6% | | Diluted Net Income Per Share - Adjusted | $0.91 | $0.81 | +12.3% | | EBITDAC - Adjusted | $414 million | $370 million | +11.9% | - The President and CEO, J. Powell Brown, attributed the strong results to the company's teammates, highlighting "great momentum" and the leveraging of "collective capabilities"[5](index=5&type=chunk) [Year-to-Date 2024 Performance](index=1&type=section&id=Year-to-Date%202024%20Performance) For the first nine months of 2024, the company's revenues grew 12.1% to $3.6 billion, with Organic Revenue increasing by 9.4%. Net income rose 30.1% to $783 million, leading to a diluted EPS of $2.73, a 29.4% increase compared to the same period in 2023. Adjusted diluted EPS increased by 16.4% to $2.98 Nine Months Ended Sept 30, 2024 Key Financial Metrics (vs. 2023) | Metric | YTD 2024 | YTD 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenues | $3.6 billion | $3.231 billion | +12.1% | | Organic Revenue Growth | 9.4% | N/A | N/A | | Income Before Income Taxes | $1.0 billion | $791 million | +30.0% | | Net Income | $783 million | $602 million | +30.1% | | Diluted Net Income Per Share (EPS) | $2.73 | $2.11 | +29.4% | | Diluted Net Income Per Share - Adjusted | $2.98 | $2.56 | +16.4% | | EBITDAC - Adjusted | $1.3 billion | $1.127 billion | +15.4% | [Non-GAAP Financial Reconciliations](index=1&type=section&id=Non-GAAP%20Financial%20Reconciliations) [Reconciliation of Organic Revenue](index=1&type=section&id=Reconciliation%20of%20Organic%20Revenue) The company reconciles GAAP commissions and fees to the non-GAAP measure of Organic Revenue by adjusting for profit-sharing contingent commissions, acquisitions, and dispositions. For Q3 2024, Organic Revenue was $1.093 billion, representing a 9.5% growth over the prior year. For the nine-month period, Organic Revenue reached $3.315 billion, a 9.4% increase Organic Revenue Reconciliation (in millions) | Description | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 | | :--- | :--- | :--- | :--- | :--- | | Commissions and fees | $1,155 | $1,049 | $3,545 | $3,193 | | Core commissions and fees | $1,128 | $1,022 | $3,435 | $3,105 | | **Organic Revenue** | **$1,093** | **$998** | **$3,315** | **$3,031** | | **Organic Revenue growth %** | **9.5%** | N/A | **9.4%** | N/A | [Reconciliation of Diluted Net Income Per Share - Adjusted](index=2&type=section&id=Reconciliation%20of%20Diluted%20Net%20Income%20Per%20Share%20-%20Adjusted) This section details the adjustments made to GAAP diluted EPS to arrive at the adjusted figure. For Q3 2024, GAAP diluted EPS of $0.81 was adjusted for items including a -$0.02 change in estimated acquisition earnout payables and a $0.12 impact from amortization, resulting in an adjusted EPS of $0.91 Adjusted Diluted EPS Reconciliation | Description | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 | | :--- | :--- | :--- | :--- | :--- | | Diluted net income per share (GAAP) | $0.81 | $0.62 | $2.73 | $2.11 | | Change in est. acquisition earnout payables | ($0.02) | $0.09 | ($0.02) | $0.09 | | Amortization | $0.12 | $0.11 | $0.35 | $0.33 | | **Diluted Net Income Per Share - Adjusted** | **$0.91** | **$0.81** | **$2.98** | **$2.56** | [Reconciliation of EBITDAC - Adjusted](index=3&type=section&id=Reconciliation%20of%20EBITDAC%20-%20Adjusted) The report reconciles Income Before Income Taxes to the non-GAAP measures of EBITDAC and EBITDAC - Adjusted. For Q3 2024, EBITDAC - Adjusted was $414 million, up from $370 million in Q3 2023, with the corresponding margin increasing slightly from 34.6% to 34.9% EBITDAC - Adjusted Reconciliation (in millions) | Description | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 | | :--- | :--- | :--- | :--- | :--- | | Income before income taxes | $317 | $242 | $1,028 | $791 | | EBITDAC | $415 | $371 | $1,330 | $1,117 | | **EBITDAC - Adjusted** | **$414** | **$370** | **$1,300** | **$1,127** | | **EBITDAC Margin - Adjusted** | **34.9%** | **34.6%** | **35.9%** | **34.9%** | [Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Consolidated%20Financial%20Statements%20(Unaudited)) [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) The consolidated income statement details the company's financial performance, showing total revenues of $1.186 billion for Q3 2024 and $3.622 billion for the nine months ended. Net income attributable to the company was $234 million and $783 million for the respective periods, both showing strong growth over the prior year Income Statement Summary (in millions) | Description | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $1,186 | $1,068 | $3,622 | $3,231 | | Total expenses | $869 | $826 | $2,594 | $2,440 | | Income before income taxes | $317 | $242 | $1,028 | $791 | | Net income attributable to the Company | $234 | $176 | $783 | $602 | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of September 30, 2024, the company's balance sheet shows total assets of $17.525 billion, a significant increase from $14.883 billion at the end of 2023. This growth was supported by an increase in total equity to $6.480 billion from $5.579 billion over the same period Balance Sheet Summary (in millions) | Description | Sept 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $957 | $700 | | Goodwill | $7,577 | $7,341 | | **Total Assets** | **$17,525** | **$14,883** | | Long-term debt | $3,367 | $3,227 | | **Total Liabilities** | **$11,045** | **$9,304** | | **Total Equity** | **$6,480** | **$5,579** | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2024, net cash provided by operating activities was $813 million, compared to $704 million in the prior-year period. The company used $119 million in investing activities, primarily for business acquisitions, and $341 million in financing activities, which included debt payments and dividends Cash Flow Summary - Nine Months Ended Sept 30 (in millions) | Description | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $813 | $704 | | Net cash used in investing activities | ($119) | ($193) | | Net cash used in financing activities | ($341) | ($275) | | Net increase in cash and cash equivalents | $398 | $238 | [Supplemental Information](index=7&type=section&id=Supplemental%20Information) [Conference Call Information](index=7&type=section&id=Conference%20Call%20Information) The company will host a conference call and webcast to discuss its third-quarter 2024 financial results on Tuesday, October 29, 2024, at 8:00 AM (EDT). Materials will be accessible through the Investor Relations section of its website - A conference call to discuss Q3 2024 results is scheduled for October 29, 2024, at 8:00 AM (EDT)[15](index=15&type=chunk) [Forward-Looking Statements](index=8&type=section&id=Forward-Looking%20Statements) This section contains a standard safe harbor statement, cautioning that future results may differ from the forward-looking statements in the press release. It outlines numerous risk factors that could impact performance, including cybersecurity threats, acquisition-related risks, economic conditions, regulatory changes, and competition - Key risk factors that could affect future results include: - Inability to hire and retain qualified employees - Cybersecurity attacks or other IT interruptions - Acquisition-related risks, including integration challenges - Adverse economic and political conditions - Fluctuations in commission revenue and the effects of inflation or higher interest rates[17](index=17&type=chunk)[19](index=19&type=chunk) [Non-GAAP Financial Measures Explanation](index=9&type=section&id=Non-GAAP%20Financial%20Measures%20Explanation) The company justifies its use of non-GAAP measures such as Organic Revenue, EBITDAC, and Adjusted Diluted EPS, stating they provide meaningful ways to evaluate operating performance by excluding certain variable or non-recurring items. The report also notes that starting in 2024, the calculation for Adjusted EPS was modified to exclude amortization of intangible assets, and Foreign Currency Translation is no longer excluded from certain adjusted earnings measures - The company uses non-GAAP measures because it believes they provide additional meaningful methods to evaluate operating performance from period to period, excluding items with high variability that are not indicative of ongoing performance[20](index=20&type=chunk) - Beginning January 1, 2024, the company no longer excludes Foreign Currency Translation from EBITDAC - Adjusted and Diluted Net Income Per Share - Adjusted. Additionally, amortization of intangible assets is now excluded from the calculation of Diluted Net Income Per Share - Adjusted[22](index=22&type=chunk)[23](index=23&type=chunk) - Key non-GAAP measures are defined as: - **Organic Revenue:** Core commissions and fees adjusted for acquisitions, divestitures, and foreign currency translation - **EBITDAC:** Income before interest, taxes, depreciation, amortization, and the change in estimated acquisition earn-out payables - **Diluted Net Income Per Share - Adjusted:** Diluted EPS excluding after-tax impacts of earn-out changes, disposals, certain costs, and amortization[25](index=25&type=chunk)[26](index=26&type=chunk)

DAYTONA BEACH, Fla., Oct. 28, 2024 (GLOBE NEWSWIRE) -- Brown & Brown, Inc. (NYSE:BRO) (the "Company") announced its unaudited financial results for the third quarter of 2024. Revenues for the third quarter of 2024 under U.S. generally accepted accounting principles ("GAAP") were $1.2 billion, increasing $118 million, or 11.0%, compared to the third quarter of the prior year, with commissions and fees increasing by 10.1% and Organic Revenue increasing by 9.5%. Income before income taxes was $317 million, inc ...

DAYTONA BEACH, Fla., Oct. 23, 2024 (GLOBE NEWSWIRE) -- Brown & Brown, Inc. (NYSE: BRO) today announced that the board of directors has declared a regular quarterly cash dividend of $0.15 per share. The dividend is payable on November 13, 2024, to shareholders of record on November 6, 2024. The dividend represents a 15% increase from the previous regular quarterly cash dividend of $0.13 per share and is Brown & Brown’s 31st consecutive annual dividend increase. About Brown & Brown, Inc. Brown & Brown, Inc. ...