Brown & Brown, Inc. Announces Record Fourth-Quarter Earnings of $42.6 Million
DAYTONA BEACH, FL and TAMPA, FL -- (MARKETWIRE) -- 02/01/13 -- Brown & Brown, Inc. (NYSE: BRO) today announced its preliminary, unaudited financial results for the fourth quarter of 2012.
Net income for the fourth quarter of 2012 was $42,637,000, or $0.29 per share, compared with $36,494,000, or $0.25 per share for the same quarter of 2011, an increase of 16.8%. Total revenue for the fourth quarter was $302,830,000, compared with 2011 fourth-quarter revenue of $244,097,000, an increase of 24.1%.
Total revenue for the twelve months ended December 31, 2012 was $1,200,032,000, compared with total revenue for the same period of 2011 of $1,013,542,000, an increase of 18.4%. Net income for the twelve-month period ended December 31, 2012 was $184,045,000, or $1.26 per share, compared with $163,995,000, or $1.13 per share for the same period of 2011, an increase of 12.2%.
J. Powell Brown, President and Chief Executive Officer of the Company, noted, "The fourth-quarter results were the culmination of the hard work of our 6,300-plus teammates throughout 2012. Two of our most important goals for 2012 -- to grow our revenues organically and to improve each and every quarter -- were accomplished. I am very proud of what we achieved in the fourth quarter and for the year. We will continue to work tirelessly for the benefit of our clients in 2013."
Brown & Brown, Inc. Announces Record Third-Quarter Earnings of $49.5 Million
Oct 15, 2012 (Marketwire via COMTEX) --Brown & Brown, Inc. (NYSE: BRO) today announced its preliminary, unaudited financial results for the third quarter of 2012.
Net income for the third quarter of 2012 was $49,504,000, or $0.34 per share, compared with $44,173,000, or $0.30 per share for the same quarter of 2011, an increase of 12.1%. Total revenue for the third quarter was $303,800,000, compared with 2011 third-quarter revenue of $260,401,000, an increase of 16.7%.
Total revenue for the nine months ended September 30, 2012 was $897,202,000, compared with total revenue for the same period of 2011 of $769,445,000, an increase of 16.6%. Net income for the nine-month period ended September 30, 2012 was $141,408,000, or $0.97 per share, compared with $127,501,000, or $0.88 per share for the same period of 2011, an increase of 10.9%.
J. Powell Brown, President and Chief Executive Officer of the Company, noted, "We are pleased with our record earnings in the third quarter. Our Retail Division continues to show increasing organic growth, which suggests that economic conditions are improving for our clients across the country, who are predominantly in the middle market."
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In a market where renewals are receiving 7% increases on average and BRO grows by 1% organically, this translates into a negative 6% true growth rate when adjusted for market conditions.
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Wow. 9 days with no response. That explains why, within the industry, we are hearing rumors of everything from heart problems, to a mental breakdown with him checking in to an inpatient treatment center. Wonder what the truth really is.
What is the explanation for the CEO leaving for 6 months? Was there a medical issue? I know its personal, but he is CEO of a publicly traded company. Does anyone know what really happened?
Good post. I know for a fact that other brokerages are concerned about this. One has even put a hiring freeze on for EB folks.
I listened to a replay of the BRO investor call yesterday and was surprised that no analyst queried the broker's management on the future margin prospects in the company's large employee benefits business. I strongly suspect that insurers that underwrite small case health insurance, i.e., 100 lives or less, will be reducing commission levels due to the minimum loss ratio mandate under Obamacare. Since brokering such coverage comprises the bulk of Brown's employee benefits business, the implication is that margins in this segment will be coming under pressure in the near future. I'd love to hear what the company's management has to say on this topic.
BRO reported its 2Q12 EPS this evening and missed the "street" estimate by $0.02 because of a lower margin. This result is consistent with the message of the company's CEO that he is willing to sacrifice margin in order to grow revenue. It will be interesting to observe how this strategy plays among investors when Powell is queried on the company's investor call tomorrow morning.
Actually we have a attorney we contract with that does work with clients on difficult claims. And our attorney has over 25 years experience in Claim Handling. We have producers with Risk Management Designations so yes they have training. I don't know how you would have access to retention rates in the individual offices? Most likely other offices are doing similar things for their clients. This is the unique thing about Brown&Brown Insurance each profit center gets to make their own decisions on how they allocate their money.
Sorry but I certainly dont hate Bro. Own stock and would love to see it grow. But you are saying your producers are also CSP's with OSHA, DOT and other training? Doubt it. Doe's Bro have dedicated claim professionals to work with clients on their difficult claims? Nope. That is why their retention rate, has been the worst amongs their competition for many years. I hope they change, but I dont think senior management will.
I disagree with j501m. Our producers work hard to retain their business and offer Loss Prevention services to their clients. Our producers retain their accounts for many years. Our CSR's do work hard but shoudn't everyone is this economy. Quit being a hater J501M Brown& Brown is built to last...
I believe this will be difficult for them to do. Their model has always been to sell the account and then dump it on an overworked CSR to try to maintain it. BRO offers no risk management services(i.e. loss control, claims support, etc) to help clients control risk. Easy pickings after the first 2 years with them for another broker who will service the account to take away. Are they willing to change their compensation model to change this?
I have not picked up on this. But if you are right, running an organic growth company is very different than running a company that simply cuts expenses. Ask Joe P at Willis.
I increasingly believe that Powell is sending the message to the investment community that he is willing to sacrifice some of Brown's industry leading margins for incremental growth. Whether this trade-off is incurred by increase compensation expense or more aggressive acquisition terms, there is little doubt that the brokerage's management wants to engineer accelerating organic growth after the company has finally gotten this metric to go positive following five years in the negative range. IMO, the BIG question will be how well management is able to manage this transition, which will require a deft touch and close monitoring. It will be interesting to observe how well Powell and company can pull this off.