Brown & Brown Posts Record Quarterly Net in Q1

Brown & Brown's Q1 results have been released. For the quarter, net profit notched a new quarterly record at just over $60 million ($0.41 per diluted share), up 22% from the $49 million ($0.34) in the same period the previous year. Total revenue also improved over that time frame, coming in at $335 million against Q1 2012's figure of $302 million.

The growth rate in top line was 11% on a year-over-year basis. This outpaced the company's expenses, which rose a comparatively modest 7%.

Analysts had expected slightly higher revenue and lower EPS for the quarter. Their projections averaged $337 million and $0.39, respectively.

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