Brown & Brown Profit Misses View; To Buyback Additional $400 Mln. Stock

(RTTNews) - Brown & Brown Inc (BRO), a seller of insurance products, on Monday reported second-quarter net earnings of $61 million or $0.43 per share compared with $61.8 million or $0.42 per share last year.

Revenues for the quarter were $419.4 million compared with $397.8 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.44 per share on revenues of $424.5 million for the quarter. Analysts' estimates typically exclude special items.

The company said its board has authorized the purchasing of up to an additional $400 million of its common stock, and as a result, it now has outstanding approval to purchase up to $450 million of its stock.

The company's board also has declared a regular quarterly cash dividend of $0.11 per share.