Brown & Brown Inc. (BRO) on April 18, 2016 announced its unaudited financial results for the first quarter of 2016.
Revenues for the first quarter of 2016 under U.S. generally accepted accounting principles (“GAAP”) were $424.2 million, increasing $19.9 million, or 4.9%, as compared to the first quarter of the prior year, with Organic Revenue (as defined below) increasing by 1.3%. Net income was $62.1 million, increasing by 9.1%, and diluted earnings per share under GAAP were $0.44.
- Powell Brown, President and Chief Executive Officer of the Company noted, “During the first quarter, we grew each of our divisions organically and we continued to invest for the long term.”
In the fourth quarter of 2015 we initiated a $75 million accelerated share repurchase program that was part of the Company’s board-approved $200 million share repurchase authorization announced on July 21, 2014, and the Company’s board-approved $400 million share repurchase authorization announced on July 20, 2015. This $75 million program was completed in January 2016. Under these authorizations, the Company has remaining approval to repurchase up to an additional $375 million of the Company’s common stock.
Brown & Brown Inc. earnings per share showed an increasing trend of 20.1% for the current fiscal year. The company’s expected EPS growth rate for next fiscal year is 191%.Analysts project EPS growth over the next 5 years at 10.22%. It has EPS annual growth over the past 5 fiscal years of 8.6% when sales grew 11.3. It reported 4.9% sales growth, and 12.6% EPS growth in the last quarter.
The stock is trading at $36.06, up 27.89% from 52-week low of $28.41. The stock trades down 0.19% from its peak of $36.33 and -4.55% below the consensus price target of $34.42. Its volume clocked up at 0.59 million shares which is lower than the average volume of 0.68 million shares. Its market capitalization currently stands at $5.04B.
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