Aon plc (NYSE: AON) reported Q3 EPS of $1.45, $0.02 better than the analyst estimate of $1.43. Revenue for the quarter came in at $2.4 billion versus the consensus estimate of $2.45 billion.

Third Quarter Key Metrics From Continuing Operations

• Total revenue increased 1% to $2.4 billion, with organic revenue growth of 5%
• Operating margin increased from 11.2% to 15.1%, and operating margin, adjusted for certain items, increased 350 basis points to 22.0%
• EPS increased from $0.61 to $0.93, and EPS, adjusted for certain items, increased 11% to $1.45
• For the first nine months of 2019, cash flow from operations increased 19% to $1,163 million, and free cash flow increased 25% to $996 million

Third Quarter Highlights

• Repurchased 1.8 million Class A Ordinary Shares for approximately $350 million
• Recently announced two key actions to accelerate our Aon United growth strategy which we believe will further accelerate organic growth and support sustainable margin expansion. Delivering Aon United program expands globally to further improve sales effectiveness, strengthen segmentation strategy and increase collaboration across solution lines to create more value for clients. Aon Business Services will establish client service hubs that use technology platforms and new capabilities to deliver more consistent client service and improve operational leverage for the firm
• Received an Innovation Award from Business Insurance, recognizing our unique intellectual property insurance liability offering that was developed through the use of proprietary data and analytics to address an area of growing client demand

"Our third quarter results reflect continued progress resulting from our Aon United initiatives, highlighted by strong organic revenue growth of 5% and substantial operating margin improvement of 350 basis points. We are building momentum year-to-date as reflected in a 200 basis point acceleration of organic revenue growth to 6%, translating into double-digit free cash flow growth," said Greg Case, Chief Executive Officer. "We continue to strategically invest in content and capability while taking progressive steps to consistently deliver the best of our global firm to clients, strengthening our ability to deliver innovation and improved financial performance that we believe will unlock significant shareholder value creation. Looking ahead, we expect strong performance in the fourth quarter to close out the year with continued progress against our goal of mid-single digit organic revenue growth or greater over the long-term."

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