Brown & Brown, Inc. has announced its second quarter 2024 results, revealing a significant increase in total revenues. The company reported revenues of $1.2 billion for the second quarter, marking a substantial 12.5% increase from the same period in the prior year. Organic revenue growth also saw an impressive rise of 10.0% during the same period.
Moreover, the company's income before income taxes surged by 36.2% to reach $346 million, with income before income taxes margin also increasing to 29.4% from 24.3%. Additionally, the diluted net income per share saw a notable increase of 34.3%, amounting to $0.90, while diluted net income per share * adjusted climbed by 17.7% to $0.93 compared to the second quarter of the prior year.
For the six months ended June 30, 2024, Brown & Brown, Inc. reported revenues of $2.4 billion, representing a substantial increase of 12.6% compared to the same period in 2023. The company also noted a strong organic revenue growth of 9.3% during this period. Income before income taxes for the six-month period surged by 29.9% to $712 million, with income before income taxes margin increasing to 29.2% from 25.3%. The net income attributable to the company also witnessed a significant increase of 29.1% to reach $550 million, while diluted net income per share increased by 28.0% to $1.92, and diluted net income per share * adjusted increased by 18.3% to $2.07 as compared to the same period in 2023.
The company's President and CEO, J. Powell Brown, praised the exceptional performance of each of their three segments, attributing the results to the dedication of their 16,000+ teammates.
The press release also included a reconciliation of commissions and fees to organic revenue, showcasing a detailed breakdown of the organic revenue growth percentage. Additionally, the reconciliation of diluted net income per share to diluted net income per share * adjusted provided a comprehensive view of the changes in the diluted net income per share and the adjusted figures. Furthermore, the reconciliation of income before income taxes to EBITDAC and EBITDAC * adjusted, along with income before income taxes margin to EBITDAC margin and EBITDAC margin * adjusted, highlighted the company's financial performance and margin changes.
Brown & Brown, Inc.'s consolidated statements of income, balance sheets, and cash flows provided a comprehensive overview of the company's financial position and performance during the period.
The company also announced a conference call to discuss the results, which is scheduled to be held on July 23, 2024, at 8:00 am (EDT).
The market has reacted to these announcements by moving the company's shares 0.8% to a price of $93.16. If you want to know more, read the company's complete 8-K report here.
