Brown & Brown Inc. Announces Third Quarter 2023 Results – RVBusiness – Breaking RV Industry News

DAYTONA BEACH, Fla. – Brown & Brown, Inc. (NYSE:BRO) today announced its unaudited financial results for the third quarter of 2023.

Revenues for the third quarter of 2023 under U.S. generally accepted accounting principles (GAAP) were $1,067.7 million, increasing $140.1 million, or 15.1%, compared to the third quarter of the prior year, with commissions and fees increasing by 13.4% and Organic Revenue increasing by 9.6%. Income before income taxes was $242.3 million, increasing 11.1% from the third quarter of the prior year with Income Before Income Taxes Margin decreasing to 22.7% from 23.5%. EBITDAC – Adjusted was $370.3 million, increasing 27.0% from the third quarter of the prior year with EBITDAC Margin – Adjusted increasing to 34.7% from 31.2%. Net income was $175.9 million, increasing $14.8 million, or 9.2%, and diluted net income per share increased to $0.62, or 8.8%, with Diluted Net Income Per Share – Adjusted increasing to $0.71, or 42.0%, each as compared to the third quarter of the prior year.

Revenues for the nine months ended September 30, 2023 under GAAP were $3,230.9 million, increasing $558.9 million, or 20.9%, as compared to the same period in 2022, with commissions and fees increasing by 19.7%, and Organic Revenue increasing by 11.1%. Income before income taxes was $791.0 million, increasing 16.0% with Income Before Income Taxes Margin decreasing to 24.5% from 25.5% as compared to the same period in 2022.  EBITDAC – Adjusted was $1,127.0 million, which was an increase of 26.7% and EBITDAC Margin – Adjusted increased to 34.9% from 33.2% as compared to the same period in 2022. Net income was $601.8 million, increasing $75.2 million, or 14.3%, with diluted net income per share increasing to $2.11, or 14.1%, and Diluted Net Income Per Share – Adjusted increasing to $2.23, or 25.3%, each as compared to the same period in 2022.

J. Powell Brown, president and chief executive officer of the Company, noted, “We had another outstanding quarter and are winning a substantial amount of net new business that drove Organic Revenue growth of 9.6% for the quarter and over 11% year to date.”

Source: https://rvbusiness.com/brown-brown-inc-announces-third-quarter-2023-results/