Brown Brown, Inc. (BRO) 10-K Annual Report February 2020

Milwaukee, Wis.— Global water technology company A. O. Smith Corporation (NYSE-AOS) today announced sales of $3.0 billion and net earnings of $370.0 million, or $2.22 per share, in 2019.

Sales in 2019 declined six percent from $3.2 billion in 2018 driven by a 23 percent decline in China sales. Excluding the unfavorable impact from currency translation, China sales declined 19 percent. The decline in China sales was primarily a result of weaker end-market demand in the region, year-over-year channel inventory shifts and a higher mix of mid-price products than the prior year. China channel inventory build occurred in the first half of 2018 and declined to levels which are within the normal range by the end of 2019, primarily in the fourth quarter.

Net earnings in 2019 of $370.0 million, or $2.22 per share, were lower than 2018 net earnings of $444.2 million, or $2.58 per share. Adjusted earnings of $449.2 million or $2.61 per share in 2018 excluded $5.0 million of after-tax restructuring and impairment costs related to the company’s plant closing in Renton, WA.

In the fourth quarter 2019, the Company achieved net earnings of $91.3 million or $.56 per share on sales of $750.9 million. Fourth quarter 2018 net earnings were $126.3 million or $0.74 per share on sales of $812.5 million.

The following information was filed by Brown Brown, Inc. (BRO) on Tuesday, January 28, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Brown Brown, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: BRO
CIK: 79282
Form Type: 10-K Annual Report
Accession Number: 0001193125-20-046736
Submitted to the SEC: Mon Feb 24 2020 5:31:06 PM EST
Accepted by the SEC: Mon Feb 24 2020
Period: Tuesday, December 31, 2019
Industry: Insurance Agents Brokers And Service