Willis Towers Watson (NASDAQ: WLTW) reported Q2 EPS of $1.80, $0.17 better than the analyst estimate of $1.63. Revenue for the quarter came in at $2.11 billion versus the consensus estimate of $2.05 billion.

• Total revenue1 increased 3% to $2.1 billion with constant currency growth of 5% and flat organic revenue
• Cash flows from operating activities were $685 million, up 126% compared to $303 million in the prior year
• Free cash flow was $550 million, up 201% compared to $183 million in the prior year
• Diluted Earnings per Share were $0.72 for the quarter, down 32% over prior year
• Adjusted Diluted Earnings per Share were $1.80 for the quarter, up 1.0% over prior year
• Income from Operations was $163 million or 7.7% of revenue, down 90 basis points over the prior year quarter
• Adjusted Operating Income was $296 million or 14.0% of revenue, down 60 basis points compared to the prior year quarter

“I am pleased with our second quarter results. Our strong execution and our focus during this challenging environment helped us deliver another quarter of solid financial performance,” said John Haley, Willis Towers Watson’s chief executive officer. “We demonstrated the resilience of our overall business and diversified portfolio of offerings through continued revenue and earnings growth, robust free cash flow enhancement and a strengthened balance sheet. I would like to thank all the Willis Towers Watson colleagues for the outstanding commitment they have shown in the most difficult of circumstances. We are confident the actions we are taking in this challenging environment will enhance our agility and allow us to generate long-term value for all of our stakeholders.”

2020 Guidance Update

Due to the uncertainties caused by the COVID-19 pandemic, Willis Towers Watson had previously withdrawn (and consequently fully disclaimed) its full-year 2020 guidance.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 continue to be unable to predict the extent of the impact of the COVID-19 pandemic, and remain 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.