Willis Towers Watson (WLTW) Tops Q3 EPS by 19c, Revenues Beat; Offers FY18 EPS Guidance Above Consensus

Willis Towers Watson (NASDAQ: WLTW) reported Q3 EPS of $1.32, $0.19 better than the analyst estimate of $1.13. Revenue for the quarter came in at $1.89 billion versus the consensus estimate of $1.88 billion.

Excluding the Revenue Standard Impact

• Reported Revenue was $1.9 billion, an increase of 3%
• Organic Revenue increased 5%
• Net Income increased $139 million to $85 million or 4.5% of revenue.
• Adjusted EBITDA increased 14% to $368 million or 19.4% of revenue, a margin improvement of 200 basis points
• Diluted Earnings per Share increased 258% to $0.63
• Adjusted Diluted Earnings per Share increased 45% to $1.62
• Cash flows from operating activities for the nine months ended September 30, 2018 of $753 million
• Free Cash Flow for the nine months ended September 30, 2018 increased 72% to $544 million

Including the Revenue Standard Impact

• Reported Revenue was $1.9 billion
• Net Income was $46 million. Adjusted Net Income was $174 million
• Adjusted EBITDA was $313 million or 16.8% of revenue
• Diluted Earnings per Share were $0.33
• Adjusted Diluted Earnings per Share were $1.32
• Cash flows from operating activities for the nine months ended September 30, 2018 of $716 million
• Free Cash Flow for the nine months ended September 30, 2018 was $507 million

GUIDANCE:

Willis Towers Watson sees FY2018 EPS of $10.12-$10.32, versus the consensus of $9.58.

For earnings history and earnings-related data on Willis Towers Watson (WLTW) click here.

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