Brown & Brown Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total revenue of $474.3 million compared to $433.6 million for the same period a year ago. Income before income taxes was $106.3 million compared to $95.0 million for the same period a year ago. Net income was $187.5 million or $1.32 per diluted share compared to $57.7 million or $0.41 per diluted share for the same period a year ago. EBITDAC was $143.1 million compared to $134.1 million a year ago. Adjusted EBITDAC was $143.1 million compared to $134.1 million a year ago. Adjusted earnings per share were $0.47 compared to $0.42 a year ago. Adjusted net income grew by 13.7%, driven by the lower effective tax rate for the quarter, excluding the impacts of tax reform. Adjusted income before income tax increased by 10%. For the quarter, income before income tax increased 79%, impacted by the EBITDAC drivers just mentioned as well as lower intercompany interest expense. Adjusted earnings per share were $0.47 as compared to $0.42 in the prior year, growing by almost 12%.

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.