Brown & Brown Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total revenue of $393.1 million compared to $343.1 million for the same period a year ago. A large portion of this growth came from net acquisitions and disposables, the large component was the Wright acquisition. Income before income taxes was $38.7 million compared to $76.5 million for the same period a year ago. Net income was $24.6 million or $0.17 per diluted share compared to $47.3 million or $0.32 per diluted share for the same period a year ago. Adjusted earnings per share were $0.36 compared to $0.33 a year ago. Adjusted pretax income grew by 7.5%, even with the increased interest cost related to its credit facility and bonds. Adjusted EBITDAC for the quarter was $121.6 million compared to $104.3 million, a growth of 16.6%. And excluding Wright, EBITDAC growth was 8.5%. Adjusted net income for the period grew 10.4%.

For year, the company reported total revenue of $1,575.8 million compared to $1,363.2 million for the same period a year ago. Income before income taxes was $339.9 million compared to $357.7 million for the same period a year ago. Net income was $207.0 million or $1.41 per diluted share compared to $217.2 million or $1.48 per diluted share for the same period a year ago. Adjusted earnings per share were $1.63 compared to $1.43 a year ago.

The company announced that it expects effective tax rate for 2015 should be in the range of 39.4% to 39.5%. The company expects some uptick over 2014 due to growth and higher tax rate states and a couple of states consolidating all legal entities for tax purposes.