Brown & Brown, Inc. (NYSE:BRO) reported stronger-than-expected results for its fourth quarter.
The Daytona Beach, Florida-based company reported Tuesday Revenues for the fourth quarter of 2019 under U.S. generally accepted accounting principles (GAAP) were $579.0 million, increasing $70.3 million, or 13.8%, compared to the fourth quarter of the prior year, with commissions and fees increasing by 13.6% and Organic Revenue increasing by 5.2%.
BRO added net income was $76.5 million, increasing $3.0 million, or 4.1%, and diluted net income per share increased to $0.27, or 3.8%, each as compared to the fourth quarter of the prior year. Diluted Net Income Per Share - Adjusted increased to $0.28, or 7.7%, compared to the fourth quarter of the prior year.
Revenues for the 12 months ended December 31, 2019 under GAAP were $2,392.2 million, increasing $378.0 million, or 18.8%, as compared to 2018, with commissions and fees increasing by 18.6% and Organic Revenue increasing by 3.6%.
Net income was $398.5 million, increasing $54.2 million, or 15.7%, and diluted net income per share for the period was $1.40, increasing by 14.8%, each as compared to 2018. Diluted Net Income Per Share - Adjusted increased to $1.40, or 13.8%, compared to 2018.
CEO J. Powell Brown, noted, "We had a great fourth quarter and a great 2019 delivering strong results while expanding our capabilities and adding new teammates. Our focus continues to be adding value for our customers."
BRO shares jumped $2.27, or 5.5%, to $43.94
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