Brown & Brown Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Revenue Earnings Guidance for the First Quarter of 2018 and Tax Rate Guidance for the Year 2018
For the full year, the company reported total revenue of $1,881.3 million compared to $1,766.6 million for the same period a year ago. Income before income taxes was $449.7 million compared to $423.5 million for the same period a year ago. Net income was $399.6 million or $2.81 per diluted share compared to $257.5 million or $1.82 per diluted share for the same period a year ago. EBITDAC was $605.3 million compared to $579.9 million a year ago. Adjusted EBITDAC was $586.5 million compared to $579.9 million a year ago. Adjusted earnings per share were $1.92 compared to $1.87 a year ago. Adjusted net income grew by 3.2% due to a 1% lower effective tax rate.
The company provided revenue earnings guidance for the first quarter of 2018 and tax rate guidance for the year 2018. The company expects $6 million to $8 million of revenue in the first quarter of 2018.
The company anticipates full year 2018 effective tax rate will be in the range of 27% to 28%. The lower tax rate will result in tax savings of approximately $45 million to $50 million per year and will further increase operating cash to revenue conversion ratio.