DAYTONA BEACH, FL — (Marketwired) — 01/25/16 — Brown & Brown, Inc. (NYSE: BRO) (the “Company”) today announced its unaudited financial results for the fourth quarter of 2015.
Revenues for the fourth quarter of 2015 under U.S. generally accepted accounting principles (“GAAP”) were $404.7 million, increasing $11.6 million, or 3.0%, as compared to the fourth quarter of the prior year, with Organic Revenue (as defined below) increasing by 2.5%. Diluted earnings per share under GAAP were $0.41 and $0.38 on an adjusted basis, an increase of 5.6% as detailed in the schedules below.
Revenues for the twelve months ended December 31, 2015 under GAAP were $1,660.6 million, increasing $84.8 million, or 5.4%, as compared to the same period of 2014, with Organic Revenue (as defined below) increasing by 2.6%. Diluted earnings per share for the twelve months ended December 31, 2015 under GAAP were $1.70 compared to $1.41 for the same period of 2014, representing a 20.6% increase. On an adjusted basis, the earnings per share for the twelve months ended December 31, 2015 were $1.67 as compared to $1.63 for the same period in 2014, an increase of 2.5%.
J. Powell Brown, President and Chief Executive Officer of the Company, noted, “We are pleased with the continued improved performance we delivered in the fourth quarter and the outlook for our business moving forward.”
In the fourth quarter of 2015, the Company initiated a $75 million accelerated share repurchase program (ASR), which was completed in January 2016. The ASR completed the remainder of the $200 million board-approved repurchase plan announced in July 2014 and was part of the $400 million board-approved repurchase plan announced in July 2015. Following completion of the ASR, the Company had remaining authorization to repurchase up to an additional $375 million of the Company’s common stock.