Brown & Brown Inc
BRO: XNYS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$47.72 | Hzghh | — |
Brown's Internal Revenue Declines in 1Q
Brown & Brown BRO reported first-quarter results Monday that were in line with our expectations, and we will keep our fair value estimate unchanged. Internal revenue--which backs out revenue from acquisitions--continued to decline in the first quarter at a rate of 2.2%, a sign of the difficult market factors facing the company. The Florida and Western retail segments were the weakest, as these regions have been hardest hit by the recession. Brown derives a significant portion of its revenue from these areas, especially Florida.