Brown & Brown Sees 12.7% Revenue Increase in Q1 2024 – RVBusiness – Breaking RV Industry News
DAYTONA BEACH, Fla., – Brown & Brown Inc. (NYSE:BRO) Monday announced its unaudited financial results for the first quarter of 2024.
Revenues for the first quarter of 2024 under U.S. generally accepted accounting principles (“GAAP”) were $1,258 million, increasing $142 million, or 12.7%, compared to the first quarter of the prior year, with commissions and fees increasing by 11.6% and Organic Revenue increasing by 8.6%. Income before income taxes was $364 million, increasing 23.8% from the first quarter of the prior year with Income Before Income Taxes Margin increasing to 28.9% from 26.3%. EBITDAC – Adjusted was $466 million, increasing 17.1% compared to the first quarter of the prior year with EBITDAC Margin – Adjusted increasing to 37.0% from 35.7%. Net income was $293 million, increasing $57 million, or 24.2%, and diluted net income per share increased to $1.02, or by 22.9%, with Diluted Net Income Per Share – Adjusted increasing to $1.14, or by 18.8%, each as compared to the first quarter of the prior year.
J. Powell Brown, President and Chief Executive Officer of the Company, noted, “Our teammates delivered strong organic revenue growth and margin expansion in the first quarter of 2024. We are very pleased with the start of the year.”
In addition, the Company today announced that the Board of Directors has declared a regular quarterly cash dividend of $0.13 per share. The dividend is payable on May 15, 2024, to shareholders of record on May 6, 2024.
Conference call, webcast and slide presentation
A conference call to discuss the results of the first quarter of 2024 will be held on Tuesday, April 23, 2024, at 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.
