Brown & Brown tops Street 1Q forecasts

DAYTONA BEACH, Fla. (AP) _ Brown & Brown Inc. (BRO) on Monday reported first-quarter net income of $70.1 million.

On a per-share basis, the Daytona Beach, Florida-based company said it had profit of 49 cents. Earnings, adjusted for non-recurring gains, came to 43 cents per share.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share.

The insurance company posted revenue of $465.1 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $443.4 million.

Brown & Brown shares have decreased 6.5 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $41.93, an increase of 18 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BRO at https://www.zacks.com/ap/BRO

Keywords: Brown & Brown, Earnings Report