Daytona Beach, Fla., insurance broker Brown & Brown Inc. has declared a regular quarterly cash dividend of 7 cents a share payable on Aug. 20 to shareholders of record as of Aug. 6.
The broker reported last week that its net income declined 22 percent, or $12 million, to $40 million. That translated to an 8 cent loss in earnings per share to 29 cents a share, missing analyst's consensus estimates by 1 cent. Revenues in the quarter declined 2 percent, or $5 million, to $242 million.
For the six months, net income fell close to 18 percent, or $20 million, to $92 million, translating into a 14 cent drop in earnings per share to 65 cents a share. Revenues on a year-to-year basis dropped more than 1 percent, or $7 million, to $498 million.
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