Insurance broker Arthur J. Gallagher & Co. reported net income dropped 7 percent in the third quarter compared to last year despite a 7 percent increase in revenues.
The Itasca, Ill.-based broker reported net earnings for the period decreased less than $4 million, going from $54.4 million, or 57 cents a share in 2004, to $50.5 million, or 52 cents a share. Revenues increased $26.4 million, from $363.5 million to $389.9 million.
For the nine months, net earnings decreased 80 percent, or $111.1 million, down from $139.4 million, or $1.48 a share, to $28.3 million this year, or 30 cents a share. Revenues grew 4 percent in the period, or $44.2 million, up from more than $1.06 billion to under $1.11 billion.
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