Brown & Brown, Inc. (NYSE:BRO) EBITDAC Margin Increased to 35.6% in the Third Quarter of 2021

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Brown & Brown, Inc. (NYSE:BRO), a leading insurance brokerage firm, stock fell 2.79% (As on Oct 26, 11:41:13 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the third quarter of FY 21. The commissions and fees rose by 14.6% and Organic Revenue increased by 8.5%. Net income was $146.4 million, increasing 9.3% as compared to the third quarter of the prior year. Income before income taxes for the third quarter of 2021 was $196.5 million, which represents an increase of $38.0 million, or 24.0%, and Income Before Income Taxes Margin increased to 25.5% from 23.5% as compared to the third quarter of the prior year. EBITDAC for the third quarter of 2021 was $274.5 million, an increase of $53.7 million, or 24.3%, compared to the third quarter of the prior year. EBITDAC Margin increased to 35.6% in the third quarter of 2021, as compared to 32.8% in the third quarter of 2020.

Meanwhile, the company has recently announced the acquisition of Winston Benefits, which has grown into a national leader providing technology enabled benefit communication, enrollment and administration solutions for employers across the US. The company has also announced the acquisition of all of the stock of Remedy Analytics, which uses its proprietary PharmaLogic data-based medication platform to offer pharmacy consulting services to employers throughout the United States. Following the acquisition, the Remedy Analytics team will continue operating from their existing Milwaukee, Wisconsin location under the leadership of current chief operating officer, Jennifer Hill.

BRO in the third quarter of FY 21 has reported the adjusted earnings per share of 58 cents, beating the analysts’ estimates for the adjusted earnings per share of 52 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 14.3 percent to $770.3 million in the third quarter of FY 21, beating the analysts’ estimates for revenue by 1.28%.

Additionally, the company has declared a regular quarterly cash dividend of $0.1025 per share. The dividend represents a 10.8% increase from the previous regular quarterly cash dividend of $0.0925 per share

On the other hand, the company announced that all brands under its Retail segment will be unified under the brand name Brown & Brown as of Jan. 1, 2022. As part of this change, Brown & Brown will release a new logo for its Retail segment and launch a new, unified retail website and LinkedIn page in January.

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