Press release
WTW Reports Second Quarter 2022 Earnings
Total revenue1 decreased 3% to $2.0 billion with organic growth of 3%Diluted Earnings per Share were $0.97 for the quarter, down 31% over prior yearAdjusted
About this update from Willis Towers Watson Public Limited Company
[{"type":"text","content":"Total revenue1 decreased 3% to $2.0 billion with organic growth of 3%Diluted Earnings per Share were $0.97 for the quarter, down 31% over prior yearAdjusted Diluted Earnings per Share were $2.32 for the quarter, up 9% over prior yearIncome from Operations was $137 million or 6.7% of revenue, with margin down 140 basis points over prior yearAdjusted Operating Income was $314 million or 15.5% of revenue, with margin up 30 basis points over prior year ARLINGTON, Va. and LONDON, July 28, 2022 (GLOBE NEWSWIRE) -- WTW (NASDAQ: WTW) (the “Company”), a leading global advisory, broking and solutions company, today announced financial results for the second quarter ended June 30, 2022. \"We continued to build momentum and execute on our strategic priorities in the second quarter, delivering results that were in line with our expectations,” said Carl Hess, WTW’s chief executive officer. “We are tackling our transformation with urgency and are raising our target for run-rate savings from $30 million to over $80 million in 2022 and expect to achieve in excess of $300 million by the end of 2024. We also continued to return capital to shareholders, repurchasing $471 million of WTW shares this quarter. Looking forward, the progress we have made investing in new solutions and talent positions us well to accelerate our growth in the second half of 2022, and we expect our business to remain resilient in this unsettled economic environment. We remain focused on delivering on our long-term goals.” Consolidated Results As reported, USD millions, except % Key MetricsQ2-22Q2-21Y/Y ChangeTotal Revenue$2,031$2,091Reported (3)% | CC 1% | Organic 3%Income from Operations$137$170(19)%Operating Margin %6.7%8.1%(140) bpsAdjusted Operating Income$314$318(1)%Adjusted Operating Margin15.5%15.2%30 bpsNet Income$114$186(39)%Adjusted Net Income$260$277(6)%Diluted EPS$0.97$1.41(31)%Adjusted Diluted EPS$2.32$2.129% Revenue was $2.03 billion for the second quarter of 2022, a decrease of 3% as compared to $2.09 billion for the same period in the prior year. Excluding a 4% foreign currency headwind, revenue increased 1%. On an organic basis, revenue increased 3%. _______________________________________ 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 dis...
More updates from Willis Towers Watson Public Limited Company