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Higher expenses hurt Brown & Brown 1st-quarter profit

By Associated Press
April 21, 2008 | Comments (0)

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Insurer and broker Brown & Brown Inc. on Monday said fiscal first-quarter profit fell 13 percent amid a difficult insurance environment, but results matched analyst expectations.

Quarterly profit fell to $51.8 million, or 37 cents per share, from $59.7 million, or 42 cents per share, last year. Excluding a gain last year, the company earned $54.3 million, or 38 cents per share, in the 2007 quarter.

That matched analyst expectations, on average, according to a poll by Thomson Financial.

Revenue edged down nearly 1 percent to $256.7 million from $258.5 million last year.

Analysts polled by Thomson Financial predicted revenue of $258.6 million.

Meanwhile, expenses rose 7 percent to $172.1 million from $160.4 million a year ago.

J. Hyatt Brown, company chairman and chief executive, said the company was facing "continued difficult market conditions."

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