Press release
WTW Reports Fourth Quarter and Full Year 2023 Earnings
Revenue1 increased 7% to $2.9 billion for the quarter and increased 7% to $9.5 billion for the year Organic Revenue growth of 6% for the quarter and 8% for
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[{"type":"text","content":"Revenue1 increased 7% to $2.9 billion for the quarter and increased 7% to $9.5 billion for the year Organic Revenue growth of 6% for the quarter and 8% for the yearDiluted Earnings per Share were $5.97 for the quarter, up 11% over prior year, and $9.95 for the year, up 11% over prior yearAdjusted Diluted Earnings per Share were $7.44 for the quarter, up 18% from prior year, and $14.49 for the year, up 8% over prior year Operating Margin was 26.7% for the quarter, up 70 basis points from prior year, and 14.4% for the year, up 110 basis points over prior yearAdjusted Operating Margin was 34.2% for the quarter, up 180 basis points from prior year, and 22.0% for the year, up 110 basis points over prior year LONDON, Feb. 06, 2024 (GLOBE NEWSWIRE) -- WTW (NASDAQ: WTW) (the “Company”), a leading global advisory, broking and solutions company, today announced financial results for the fourth quarter and year ended December 31, 2023. “WTW closed 2023 with robust momentum, delivering strong organic revenue, margin, and earnings growth in the fourth quarter to cap a solid financial performance for the year,” said Carl Hess, WTW’s chief executive officer. “Our topline results and healthy pipeline for 2024 reflect the success of our growth initiatives with both new and existing clients. Alongside the strong revenue growth, our progress simplifying and transforming our operations drove efficiencies and margin expansion in the quarter. We also made progress on our commitment to improve cash flow. I applaud my colleagues for their hard work in growing, simplifying and transforming WTW. I look forward to our working together in 2024 as we aim to achieve our strategic and financial goals and create value for our shareholders.” Consolidated Results Fourth Quarter 2023, as reported, USD millions, except % Key MetricsQ4-23Q4-22Y/Y ChangeRevenue1$2,914$2,722Reported 7% | CC 6% | Organic 6%Income from Operations$779$70810%Operating Margin %26.7%26.0%70 bpsAdjusted Operating Income$998$88213%Adjusted Operating Margin %34.2%32.4%180 bpsNet Income$623$5935%Adjusted Net Income$775$68912%Diluted EPS$5.97$5.4011%Adjusted Diluted EPS$7.44$6.3318% 1The revenue amounts included in this release are presented on a U.S. GAAP basis except where stated otherwise. This excludes reinsurance revenue which is reported in discontinued operations. The segment discussion ...
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