Aon plc (NYSE: AON) reported Q2 EPS of $1.96, $0.03 better than the analyst estimate of $1.93. Revenue for the quarter came in at $2.5 billion versus the consensus estimate of $2.55 billion.

Second Quarter Key Metrics From Continuing Operations

• Total revenue decreased 4% to $2.5 billion, including organic revenue decline of 1%
• Operating margin increased to 23.8%, and operating margin, adjusted for certain items, increased 240 basis points to 26.8%
• EPS increased to $1.70, and EPS, adjusted for certain items, increased 5% to $1.96
• For the first six months of 2020, cash flows from operations increased $858 million to $1,219 million, and free cash flow increased $875 million to $1,130 million

Second Quarter Highlights

• Filed the joint definitive proxy in connection with the pending combination with Willis Towers Watson and will hold the shareholder vote on August 26, 2020
• Issued $1 billion of senior notes, substantially improving liquidity, and used a portion of the proceeds to pay down term debt set to mature in the third quarter
• Announced the launch of our new Pooled Employer Plan, utilizing investment expertise to help create higher performing, more efficient 401(k) plans
• Established the Work, Travel & Convene Coalition in Chicago, New York, London, and Singapore, leveraging our data and tools to step forward as a leader supporting economic recovery in cities around the world

"Our second quarter results reflect the resiliency of our business, the efficiency of our operations and the dedicated client service of our 50,000 colleagues around the world. We delivered strong results including 240 basis points of operating margin expansion in the quarter and free cash flow of $1.1 billion, up $875 million from the first half last year," said Greg Case, Chief Executive Officer. "We are living in a time of increasing economic and geopolitical volatility - as evidenced by the COVID-19 pandemic and broader social injustice and unrest - which demands action within our firm and on behalf of clients. Our Aon United strategy has proven essential to delivering more relevant solutions today, and our combination with Willis Towers Watson will accelerate innovation and strengthen capability to meet the evolving, long-term challenges our clients will face in the future."

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