Willis Towers Watson Q1 Profit Declines, But Beats Consensus

(RTTNews) - Willis Towers Watson Public Limited Company (WTW), that operates as a global advisory, broking and solutions company, on Thursday reported net income of $125 million or $1.03 per share in the first quarter, 83% lower than $736 million or $5.63 per share in the same quarter a year ago. However, adjusted income beat the Street estimates.

In the prior-year quarter, WTW had other income of $438 million compared with $27 million in the latest quarter.

Excluding one-time items, earnings were $315 million or $2.66 per share.

Revenue for the quarter declined to $2.16 billion from $2.228 billion last year.

On average, five analysts polled by Thomson Reuters expected the company to report earnings of $2.28 per share on revenue of $2.1 billion for the quarter. Analysts' estimates typically exclude special items.

Looking forward, WTW sees mid-single digit growth in organic revenue for the full year.

Further the company said it anticipates a foreign currency headwind on adjusted earnings per share of about $0.15-$0.20 for the full year at today's rates.