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Brown & Brown (NYSE:BRO) delivered stronger-than-expected earnings and revenue for Q3 as commissions and fees edged up during the quarter.
“We had another outstanding quarter and are winning a substantial amount of net new business that drove Organic Revenue growth of 9.6% for the quarter and over 11% year to date,” said President and CEO J. Powell Brown.
Q3 adjusted EPS of $0.71, beating the $0.62 average analyst estimate, advanced from $0.68 in the prior quarter and from $0.50 in the year-earlier period.
Revenue of $1.07B, topping the $1.03B consensus, rose from $1.05B in Q2 and from $927.6M a year before.
Core commissions and fees stood at $1.02B compared with $1.00B in Q2 and $917.4M in Q3 of last year.
Adjusted EBITDAC came in at $370.3M vs. $358.4M in Q2 and $291.5M in Q3 2022. Adjusted EBITDAC margin of 34.7% vs. 34.2% in Q2 and 31.2% in Q3 2022.
Total expenses climbed to $825.4M from $792.9M in Q2 and from $709.6M a year ago.
Conference call on October 24 at 8:00 a.m. ET.