DAYTONA BEACH, Fla., – Brown & Brown, Inc. (NYSE:BRO) announced its unaudited financial results for the third quarter of 2024.
Revenues for the third quarter of 2024 under U.S. generally accepted accounting principles (GAAP) were $1.2 billion, increasing $118 million, or 11.0%, compared to the third quarter of the prior year, with commissions and fees increasing by 10.1% and Organic Revenue increasing by 9.5%. Income before income taxes was $317 million, increasing 31.0% from the third quarter of the prior year with Income Before Income Taxes Margin increasing to 26.7% from 22.7%. EBITDAC – Adjusted was $414 million, increasing 11.9% from the third quarter of the prior year with EBITDAC Margin – Adjusted increasing to 34.9% from 34.6%. Net income attributable to the Company was $234 million, increasing $58 million, or 33.0%, and diluted net income per share increased to $0.81, or 30.6%, with Diluted Net Income Per Share – Adjusted increasing to $0.91, or 12.3%, each as compared to the third quarter of the prior year.
Revenues for the nine months ended Sept. 30, 2024 under GAAP were $3.6 billion, increasing $391 million, or 12.1%, as compared to the same period in 2023, with commissions and fees increasing by 11.0%, and Organic Revenue increasing by 9.4%. Income before income taxes was $1.0 billion, increasing 30.0% with Income Before Income Taxes Margin increasing to 28.4% from 24.5% as compared to the same period in 2023. EBITDAC – Adjusted was $1.3 billion, which was an increase of 15.4% and EBITDAC Margin – Adjusted increased to 35.9% from 34.9% as compared to the same period in 2023. Net income attributable to the Company was $783 million, increasing $181 million, or 30.1%, with diluted net income per share increasing to $2.73, or 29.4%, and Diluted Net Income Per Share – Adjusted increasing to $2.98, or 16.4%, each as compared to the same period in 2023.
J. Powell Brown, president and chief executive officer of the company, noted, “Our teammates delivered another outstanding quarter, and we have great momentum as we leverage our collective capabilities.”
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