Brown & Brown Announces Second Quarter 2024 Results – RVBusiness – Breaking RV Industry News
DAYTONA BEACH, Fla. – Brown & Brown, Inc. (NYSE:BRO) announced its unaudited financial results for the second quarter of 2024.
Revenues for the second quarter of 2024 under U.S. generally accepted accounting principles (“GAAP”) were $1.2 billion, increasing $131 million, or 12.5%, compared to the second quarter of the prior year, with commissions and fees increasing by 11.4% and Organic Revenue increasing by 10.0%. Income before income taxes was $346 million, increasing 36.2% from the second quarter of the prior year with Income Before Income Taxes Margin increasing to 29.4% from 24.3%. EBITDAC – Adjusted was $420 million, increasing 17.3% from the second quarter of the prior year with EBITDAC Margin – Adjusted increasing to 35.7% from 34.2%. Net income attributable to the Company was $257 million, increasing $67 million, or 35.3%, and diluted net income per share increased to $0.90, or 34.3%, with Diluted Net Income Per Share – Adjusted increasing to $0.93, or 17.7%, each as compared to the second quarter of the prior year.
Revenues for the six months ended June 30, 2024 under GAAP were $2.4 billion, increasing $272 million, or 12.6%, as compared to the same period in 2023, with commissions and fees increasing by 11.5%, and Organic Revenue increasing by 9.3%. Income before income taxes was $712 million, increasing 29.9% with Income Before Income Taxes Margin increasing to 29.2% from 25.3% as compared to the same period in 2023. EBITDAC – Adjusted was $885 million, which was an increase of 16.9% and EBITDAC Margin – Adjusted increased to 36.3% from 35.0% as compared to the same period in 2023. Net income attributable to the Company was $550 million, increasing $124 million, or 29.1%, with diluted net income per share increasing to $1.92, or 28.0%, and Diluted Net Income Per Share – Adjusted increasing to $2.07, or 18.3%, each as compared to the same period in 2023.
J. Powell Brown, President and Chief Executive Officer of the Company, noted, “Each of our three segments delivered an exceptional quarter. These results are a testament to all of our 16,000+ teammates delivering for our customers everyday.”
Conference call, webcast and slide presentation
A conference call to discuss the results of the second quarter of 2024 was held today 8:00 AM (EDT). The company may refer to a slide presentation during its conference call. You can access the webcast and the slides from the “Investor Relations” section of the company’s website at bbinsurance.com.
