Brown & Brown, Inc. (BRO) has reported a 12.88 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $70.10 million, or $0.49 a share in the quarter, compared with $62.10 million, or $0.44 a share for the same period last year. On an adjusted basis, earnings per share were at $0.43 for the quarter compared with $0.45 in the same period last year. Revenue during the quarter grew 9.64 percent to $465.10 million from $424.20 million in the previous year period.
Total expenses move up
Operating income for the quarter was $111 million, compared with $102.60 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $133.60 million compared with $138.60 million in the prior year period. At the same time, adjusted EBITDA margin contracted 395 basis points in the quarter to 28.73 percent from 32.67 percent in the last year period.
Net investment income was at $0.20 million for the quarter, down 50 percent or $0.20 million from year-ago period. Meanwhile, income from fees and commission for the quarter increased by 5.26 percent or $22.20 million to $444.60 million.
J. Powell Brown, president and chief executive officer of the Company noted, "We are pleased with the performance of our four divisions. As a Company we continued to deliver improved organic growth and furthered the investment in our businesses to position us for future growth and increased profitability."
Total assets stood at $5,197.40million as on Mar. 31, 2017. On the other hand, total liabilities were at $2,781.60 million as on Mar. 31, 2017.
Return on assets was at 1.54 percent in the quarter. At the same time, return on equity was at 2.90 percent in the quarter, up 0.37 from 2.54 percent in the last year period.
Investments stood at $37.80 million as on Mar. 31, 2017. Meanwhile, yield on investments was at 0.53 percent in the quarter.
Net premiums and other receivables were at $486.30 million on Mar. 31, 2017.
Total debt was at $1,060 million as on Mar. 31, 2017. Shareholders equity stood at $2,415.80 million as on Mar. 31, 2017. As a result, debt to equity ratio was at 0.44 percent in the quarter.
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