Brown & Brown (NYSE: BRO) reported Q4 EPS of $0.27, in-line with the analyst estimate of $0.27. Revenue for the quarter came in at $515 million versus the consensus estimate of $496.71 million.

• Revenues for the fourth quarter of 2018 under U.S. generally accepted accounting principles (“GAAP”) were $508.7 million, increasing $34.4 million, or 7.3%, compared to the fourth quarter of the prior year, with commissions and fees increasing by 7.2%.
• Net income was $73.5 million, decreasing $114.0 million, or 60.8%, and diluted net income per share was $0.26, decreasing by 60.6%, each as compared to the fourth quarter of the prior year, with the fourth quarter of the prior year including a one-time benefit to net income and diluted net income per share of $120.9 million and $0.43, respectively, due to the one-time impact of the Tax Cuts and Jobs Act of 2017 (the “Tax Reform Act”).
• Total Revenues - Adjusted and Excluding the New Revenue Standard(4) for the fourth quarter of 2018 were $515.0 million, increasing 8.6%, with Organic Revenue(1) decreasing by 2.1%, each as compared to the fourth quarter of the prior year. Organic Revenue for the fourth quarter of 2018 was negatively impacted by the significant claims processing revenue we recognized in the fourth quarter of 2017 associated with weather-related events.
• Diluted Net Income Per Share - Adjusted and Excluding the New Revenue Standard(6) increased to $0.27, or 12.5%, compared to the fourth quarter of the prior year.

J. Powell Brown, President and Chief Executive Officer of the Company noted, “We are pleased with our continued growth and profitability in 2018. We continue to expand our capabilities to better serve our customers. I want to thank our 10,000 teammates for everything they do for our customers, and we look forward to another exciting year in 2019.”

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