Soft market challenges, the underperformance of an acquisition and a higher than anticipated tax rate were responsible for the 48 percent drop in net income Hilb Rogal & Hobbs Company reported in its fourth-quarter results for 2007.
The Richmond, Va.-based insurance brokerage firm reported net income declined by more than $10 million to $11 million in the fourth quarter. That translated into a 29 cent drop in earnings per share to 30 cents a share. Revenues increased 17 percent, or $30 million, to $206 million primarily on the strength of acquisitions.
For the year, HRH reported net income was down 10 percent, or $9 million, to $78 million, for a 28 cent drop in earnings per share to $2.11. Revenues increased 12 percent, or $89 million, to $800 million compared to 2006.
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