Insurance brokerage Brown & Brown's Q3 revenue misses estimates
BRO•Brown & Brown's third-quarter revenue rose 7.4% year over year to $1.73 billion, missing the $1.76 billion analyst estimate. Adjusted EPS rose 1.9% to $1.07, below the $1.09 estimate.
1. Quarterly results
Brown & Brown reported third-quarter revenue of $1.73 billion, up 7.4% year over year but below the $1.76 billion analyst consensus. Adjusted EPS increased 1.9% to $1.07, missing the $1.09 estimate; reported EPS was $0.67.
2. Growth drivers
Organic revenue grew 1.2%, while organic revenue including contingents rose 1.5%. CEO J. Powell Brown said customer wins helped drive results despite a challenging rate environment. The addition of 5,000 teammates from Accession enhanced the company's capabilities. Brown & Brown did not provide specific financial guidance for future quarters or the full year.
