Willis Towers Watson (WLTW) Tops Q1 EPS by 21c; Withdraws FY20 Guidance

Willis Towers Watson (NASDAQ: WLTW) reported Q1 EPS of $3.34, $0.21 better than the analyst estimate of $3.13. Revenue for the quarter came in at $2.47 billion versus the consensus estimate of $2.48 billion.

• Total revenue1 increased 7% to $2.5 billion with constant currency growth of 8% and organic growth of 4%
• Diluted Earnings per Share were $2.34 for the quarter, up 6% over prior year
• Adjusted Diluted Earnings per Share were $3.34 for the quarter, up 12% over prior year
• Income from Operations was $360 million or 14.6% of revenue, down 90 basis points over prior year
• Adjusted Operating Income was $525 million or 21.3% of revenue, flat compared to prior year

“Willis Towers Watson executed well in the first quarter while navigating the unprecedented challenges brought on by the COVID-19 pandemic,” said John Haley, Willis Towers Watson’s chief executive officer. “I would like to personally acknowledge and thank our colleagues for remaining steadfast in supporting our clients and each other through a very challenging environment. We are dealing with extraordinary times, but I am pleased to say our resilience, experience and business continuity plans have enabled us to operate at a high level globally, and we believe we remain well-positioned to manage through this difficult period, while continuing to serve our clients, engage our colleagues and deliver value for our shareholders."

2020 Guidance Update

Due to the uncertainties caused by the COVID-19 pandemic, Willis Towers Watson is withdrawing (and consequently fully disclaims) its full-year 2020 guidance. The Company will re-assess, at a future date, whether we may be able to provide guidance once we have a clearer understanding of the depth, duration, and geographic reach of the pandemic. We cannot predict how long this situation will last and we’re focused on maintaining a strong balance sheet, liquidity, and financial flexibility.

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

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