Brown & Brown Q3 Profit Rises - Quick Facts

(RTTNews) - Brown & Brown, Inc. (BRO) reported that its third-quarter net income increased to $68.2 million or $0.47 per share, from $57.6 million or $0.39 per share, last year.

On average, 17 analysts polled by Thomson Reuters expected the company to report profit per share of $0.47 for the quarter. Analysts' estimates typically exclude special items.

Total revenues increased to $421.3 million from $359.3 million, a year ago. Analysts expected revenue of $425.40 million for the quarter. Revenues were up 17.3% as compared to the third quarter of the prior year with organic revenues increasing by 2.9%.

The Board of Brown & Brown has voted to increase the quarterly cash dividend rate to $0.11 per share, a 10% increase from the current rate of $0.10 per share, with the first payment at the new dividend rate to be made on November 12, 2014, to shareholders of record on October 31, 2014.

Powell Brown, President and CEO of the company, said, "We are pleased with our results for the quarter, even while the middle market economy remains choppy and rate increases continue to moderate or trend down."