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UPDATE 1-Arthur Gallagher Q1 profit beats estimates
April 22, 2010 / 9:22 PM / 7 years ago

UPDATE 1-Arthur Gallagher Q1 profit beats estimates

* Q1 EPS $0.28 vs est $0.24

* Revenue up 20 pct

* Shares up 1 pct after the bell

April 22 (Reuters) - U.S. insurance broker Arthur J. Gallagher & Co (AJG.N) reported a quarterly profit above analysts’ expectations, helped by strength in its corporate segment.

The company expects increased M&A deal flow to contribute positively to its results later in 2010 and into 2011.

Net income for the first quarter was $29.2 million, or 28 cents a share, compared with $26.4 million, or 27 cents a share, in the year-ago quarter.

Total revenue for the quarter rose 20 percent to $482.4 million, including corporate segment revenue of $67.5 million.

The corporate segment mainly manages the company’s interests in alternative energy investments.

Analysts on average expected the company to earn 24 cents a share, on revenue of $403.3 million, according to Thomson Reuters I/B/E/S.

The insurance brokerage industry helps commercial clients find insurance coverage for a wide range of risks.

Shares of the Itasca, Illinois-based company were up 28 cents at $26.59 in post-market trade. They closed at $26.31 Thursday on the New York Stock Exchange. (Reporting by Abhinav Sharma in Bangalore; Editing by Anne Pallivathuckal)

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