SOURCE: Brown & Brown, Inc.

Brown & Brown

November 03, 2014 18:00 ET

Brown & Brown, Inc. Corrects Error in Third-Party Analyst Reports

DAYTONA BEACH, FL--(Marketwired - November 03, 2014) - Brown & Brown, Inc. (the "Company") (NYSE: BRO) corrected certain errors contained in a press release issued by Zacks Investment Research, Inc. and resulting media reports that incorrectly reported that the Company failed to meet Zacks Investment Research's consensus estimate of earnings per share following the Company's October 17, 2014 press release announcing its results of operations for the third quarter ended September 30, 2014. In fact, the Company did meet Zacks Investment Research's consensus estimate of earnings per share for the quarter of $0.47 per share, and this was the second consecutive quarter in which the Company met or exceeded Zacks Investment Research's consensus estimate. In the second quarter of 2014, the Company delivered earnings per share of $0.42 versus a Zacks Investment Research's consensus estimate of $0.41 per share.

For the third quarter, the Company reported:

  • Revenues for the third quarter of 2014 under U.S. generally accepted accounting principles ("GAAP") were $421.3 million, increasing $62.0 million or 17.3% as compared to the third quarter of the prior year; and
  • Diluted earnings per share under GAAP were $0.47 vs. $0.39 in the third quarter of the prior year, representing a 20.5% increase.

For additional information about the earnings release, please visit the Company's investor relations section of www.bbinsurance.com.

Reference to a particular analyst should not imply endorsement or adoption of any analyst's report. The Company has not endorsed or adopted, and does not endorse or adopt, any analyst's report as its own.

Brown & Brown, Inc., through its licensed subsidiaries, offers a broad range of insurance and reinsurance products and services, as well as risk management, third-party administration, managed health care, and Medicare set-aside services and programs. Providing service to business, public entity, individual, trade and professional association clients nationwide, the Company is ranked by Business Insurance magazine as the United States' sixth largest independent insurance intermediary. The Company's Web address is www.bbinsurance.com.

Contact Information

  • Michael Conway
    Corporate Controller
    (386) 239-7280