ROLLING MEADOWS, Ill. (AP) _ Arthur J. Gallagher & Co. (AJG) on Thursday reported first-quarter profit of $438.7 million.

The Rolling Meadows, Illinois-based company said it had net income of $2.05 per share. Earnings, adjusted for non-recurring costs, came to $2.81 per share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.77 per share.

The insurance and risk-management company posted revenue of $2.44 billion in the period, missing Street forecasts. Five analysts surveyed by Zacks expected $2.47 billion.

Arthur J. Gallagher shares have climbed almost 6% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $179.30, an increase of 28% in the last 12 months.

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

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