Brown & Brown, Inc. (NYSE:BRO) decreased in price Tuesday morning, after reporting better-than-expected results for its second quarter.
Revenues for the second quarter of 2020 under U.S. generally accepted accounting principles were $598.8 million, increasing $23.6 million, or 4.1%, compared to the second quarter of the prior year, with commissions and fees increasing by 4.4% and Organic Revenue increasing by 0.5%.
Net income was $96.8 million, increasing $4.2 million, or 4.5%, and diluted net income per share increased to $0.34, or 3.0% as compared to the second quarter of the prior year. Diluted Net Income Per Share - Adjusted increased to $0.34, or 6.3%, compared to the second quarter of the prior year.
Revenues for the six months ended June 30, 2020 under GAAP were $1,297.3 million, increasing $102.8 million, or 8.6%, as compared to the same period in 2019, with commissions and fees increasing by 8.8%, and Organic Revenue increasing by 3.1%.
Brown & Brown also reported net income of $249.2 million, increasing $42.7 million, or 20.7%, and diluted net income per share for the period increased to $0.88, or 20.5%, each as compared to the same period of 2019.
CEO J. Powell Brown enthused, "Our financial performance for the second quarter reflects the continued dedication and focus of our teammates to serve our customers through these unprecedented times. Despite the challenges of the current economic environment driven by the COVID-19 pandemic, we continue to invest in our business and expand our capabilities."
BRO shares dropped $1.29, or 2.8%, to $44.20.
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