Brown & Brown Reports 3Q Results

Brown & Brown BRO reported a modest year-over-year decline in earnings per share on Oct. 20, but the results were in line with or somewhat better than we expected. Total revenue was up 9% in the quarter. With the effects of acquisitions backed out, internal revenue continued to contract, albeit at a slower pace than earlier in the year. Management attributes internal revenue contraction largely to the soft insurance market, along with continued margin compression.