…and Gallagher quarterly earnings turn to profit
Global brokerage Arthur J Gallagher has reported impressive first-quarter results of a $US26.4 million ($34.3 million) profit up from its net loss of $US6 million ($7.8 million) for the same quarter last year.
Shares in the company soared after the brokerage’s focus on cost cutting paid off after disappointing last quarter results.
CEO J Patrick Gallagher Jr says the results are a reflection of the strength of the Gallagher organisation and its ability to grow through difficult times.
“We are seeing the benefits of our efforts to grow through tuck-in acquisitions and we have begun to reap the benefits of our cost savings initiatives as well,” he said.
Shares in the company soared after the brokerage’s focus on cost cutting paid off after disappointing last quarter results.
CEO J Patrick Gallagher Jr says the results are a reflection of the strength of the Gallagher organisation and its ability to grow through difficult times.
“We are seeing the benefits of our efforts to grow through tuck-in acquisitions and we have begun to reap the benefits of our cost savings initiatives as well,” he said.