Brown & Brown (BRO) Falls 10% to New Low on Dismal Q2 Earnings

We recently published Massive Drop Alert: These 10 Stocks Take a Beating. Brown & Brown, Inc. (NYSE:BRO) is one of the worst-performing stocks on Tuesday.

Brown & Brown fell to a new all-time low on Tuesday, as investors sold off positions following a dismal earnings performance in the second quarter of the year.

At intra-day trading, Brown & Brown, Inc. (NYSE:BRO) dropped to its lowest 52-week price of $91.55 before slight buying pushed the company’s shares higher to end the day just down by 10.4 percent at $91.91 apiece.

In a statement, Brown & Brown, Inc. (NYSE:BRO) said attributable net income declined by 10 percent to $231 million from $257 million in the same period last year, despite revenues increasing by 9 percent to $1.285 billion from $1.178 billion year-on-year. Total expenses increased by 17 percent to $974 million from $832 million.

In the first half, attributable net income inched up by 2.4 percent to $563 million from $550 million year-on-year, while revenues grew by 10 percent to $2.689 billion from $2.435 billion. Total expenses also increased by 13 percent to $1.951 billion from $1.723 billion.

Commenting on the performance, Brown & Brown, Inc. (NYSE:BRO) President and CEO J. Powell Brown said that he was pleased with the company’s earnings during the quarter, “and have good momentum as we head into the second half of the year.”

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