AJG - Arthur J. Gallagher & Co. (AJG) Q1 2024 Earnings Call Transcript
2024-04-25 22:17:09 ET
Arthur J. Gallagher & Co. (AJG)
Q1 2024 Earnings Conference Call
April 25, 2024 17:15 ET
Company Participants
J. Patrick Gallagher - Chairman and Chief Executive Officer
Doug Howell - Chief Financial Officer
Conference Call Participants
Elyse Greenspan - Wells Fargo
Mike Zaremski - BMO Capital Markets
David Motemaden - Evercore ISI
Mark Hughes - Truist Securities
Katie Sakys - Autonomous Research
Yaron Kinar - Jefferies
Meyer Shields - KBW
Rob Cox - Goldman Sachs
Mike Ward - Citi
Presentation
Operator
Good afternoon, and welcome to Arthur J. Gallagher & Co’s First Quarter 2024 Earnings Conference Call. [Operator Instructions] Today’s call is being recorded. If you have any objections, you may disconnect at this time. Some of the comments made during this conference call, including answers given in response to questions, may constitute forward-looking statements within the meaning of the securities laws.
The company does not assume any obligation to update information or forward-looking statements provided on this call. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to the information concerning forward-looking statements and risk factors sections contained in the company’s most recent 10-K, 10-Q and 8-K filings for more details on such risks and uncertainties.
In addition, for reconciliations of the non-GAAP measures discussed on this call as well as other information regarding these measures, please refer to the earnings release and other materials in the Investor Relations section of the company’s website. It is now my pleasure to introduce J. Patrick Gallagher, Jr., Chairman and CEO of Arthur J. Gallagher & Co. Mr. Gallagher, you may begin.
J. Patrick Gallagher
Thank you. Good afternoon. Thank you for joining us for our first quarter ‘24 earnings call. On the call with me today is Doug Howell, our CFO and other members of the management team and the heads of our operating divisions. We had a great first quarter to begin 2024.
For our combined Brokerage and Risk Management segments, we posted 20% growth in revenue, our 13th straight quarter of double-digit growth, 9.4% organic; Virgin acquisition rollover revenues of approximately $250 million. We also completed 12 mergers totaling nearly $70 million of estimated annualized revenue, reported net earnings margin of 21.5%, adjusted EBITDAC margin of 37.8%, GAAP earnings per share of $3.10 and adjusted earnings per share of $3.83, up 17% year-over-year. So another terrific quarter by the team....
Arthur J. Gallagher & Co. (AJG) Q1 2024 Earnings Call Transcript