DAYTONA BEACH, Fla. (AP) — DAYTONA BEACH, Fla. (AP) — Brown & Brown Inc. (BRO) on Monday reported third-quarter profit of $240 million.

The Daytona Beach, Florida-based company said it had profit of 67 cents per share. Earnings, adjusted for amortization costs and costs related to mergers and acquisitions, were $1.07 per share.

The results fell short of Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.08 per share.

The insurance company posted revenue of $1.73 billion in the period, also missing Street forecasts. Five analysts surveyed by Zacks expected $1.76 billion.

Brown & Brown shares have decreased 11% since the beginning of the year. In the final minutes of trading on Monday, shares hit $71.08, a drop of 19% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BRO at https://www.zacks.com/ap/BRO