Brown & Brown Takes Off: Q4 Results Send Stock Higher As Company Sets $8B Revenue Goal
Portfolio Pulse from Lekha Gupta
Brown & Brown Inc (NYSE:BRO) reported Q4 2023 results with a 13.8% Y/Y increase in revenue to $1.03 billion, surpassing the consensus of $985.5 million. The growth was driven by higher commissions and fees and organic revenue growth. Adjusted EBITDAC rose 11.7% Y/Y, although the margin slightly contracted. Adjusted EPS of $0.58 beat the consensus of $0.53. The company has realigned its business segments and set a new revenue goal of $8 billion. Brown & Brown also declared a quarterly dividend of $0.13 per share. The stock is trading higher by 3.27% at $77.75 in premarket trading.
January 23, 2024 | 2:06 pm
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POSITIVE IMPACT
Brown & Brown Inc reported strong Q4 2023 results with revenue and adjusted EPS exceeding consensus estimates. The company has also announced a new revenue goal and declared a quarterly dividend.
The positive earnings report and the announcement of a new revenue goal are likely to instill investor confidence and drive short-term stock price appreciation. The declaration of a dividend also reflects financial stability and commitment to shareholder returns, which can further bolster the stock's attractiveness.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100