Brown & Brown Releases 3Q Results

Brown & Brown, Inc. showed a slight dip in net income but a rise in total revenue in its 2011 third quarter financial results.

Net income for the third quarter of 2011 was $44,173,000, or $0.30 per share, compared with $44,293,000, or $0.31 per share for the same quarter in 2010, a decrease of 0.3 percent. Total revenue for the third quarter ended Sept. 30, 2011, was $260,401,000, compared with 2010 third-quarter revenue of $247,616,000, an increase of 5.2 percent.

The company remains slightly ahead of 2010 for the year in total revenue. For the first nine months of 2011, total revenue was $769,445,000, compared with $743,554,000 for same period in 2010. Net income for the first nine months of 2011 was $127,501,000, or $0.88 per share, compared with $129,606,000, or $0.90 per share in 2010.

Also in the third quarter, the company expensed $2.6 million from a legal claim first raised in 1994. This claim expense reduced the company's diluted net income per share for the third quarter of 2011 by $0.01.

In announcing the latest results, president and CEO J. Powell Brown said, “We continue to swim upstream against a very difficult economy. We are pleased that our services, national programs and wholesale brokerage divisions achieved positive internal revenue growth for the third quarter.”

Headquartered in Daytona Beach and Tampa, Brown & Brown is one of the selected companies that comprise the Standard & Poor's Mid-Cap 400 Index.