DAYTONA BEACH, Fla. (AP) _ Brown & Brown Inc. (BRO) on Monday reported fourth-quarter net income of $76.5 million.
The Daytona Beach, Florida-based company said it had profit of 27 cents per share. Earnings, adjusted for non-recurring costs, came to 28 cents per share.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 27 cents per share.
The insurance company posted revenue of $579 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $568.1 million.
For the year, the company reported profit of $398.5 million, or $1.40 per share. Revenue was reported as $2.39 billion.
Brown & Brown shares have increased 5.5% since the beginning of the year. In the final minutes of trading on Monday, shares hit $41.66, a rise of 48% in the last 12 months.