ProgramBusiness
 
  


  1. News Articles
  2. Related News Articles
  3. Comments
News Article Details

Arthur J. Gallagher Reports a Rise in Q4 Profits


Posted on 02 Feb 2011

Facebook LinkedIn Twitter Google

Insurance broker Arthur J. Gallagher & Co. reported on Tuesday that its fourth quarter profit rose from last year, helped by higher revenue from its brokerage segment.

The Itasca, Illinois-based company reported net income of $16.8 million or $0.16 per share, compared to $4.7 million or $0.05 per share for the year-ago quarter.

Income from continuing operations for the fourth quarter was $19.4 million or $0.19 per share, compared to $11.7 million or $0.12 per share in the prior year quarter.

On average, 12 analyst polled by Thomson Reuters expected the company to earn $0.23 per share for the fourth quarter. Analysts' estimates typically exclude special items.

During fourth quarter, Gallagher recorded pretax charges of $11.8 million as a result of the completion of a previously announced plan to reduce, and the reorganization of, its middle and back office workforce by about 400 positions and from the termination of certain office leases.

Total revenue for the fourth quarter rose 5.6% to $435.1 million from $412.1 million in the same quarter last year. Twelve analysts had a consensus revenue estimate of $420.31 million for the fourth quarter.

The company's brokerage segment revenue increased 5.8% to $320.8 million in the fourth quarter, while its risk management segment revenue declined 0.6% to $114.2 million.

For the full year 2009, the company reported net income of $128.6 million or $1.28 per share, compared to $77.3 million or $0.82 per share for the full year 2008.


Comments

Post a Comment
If you are a Storefront / Tradingfloor user, click here to login.
Note: As a guest user, please fill out the form below to post a comment.
Post your comments here.
Name :
Email Address :
Captcha :
Comments :
Character left : 2000