Press release
WTW Reports Second Quarter 2023 Earnings
Revenue1 increased 6% for the quarter to $2.2 billion, with organic growth of 7%Diluted Earnings per Share were $0.88 for the quarter, down 9% from prior
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[{"type":"text","content":"Revenue1 increased 6% for the quarter to $2.2 billion, with organic growth of 7%Diluted Earnings per Share were $0.88 for the quarter, down 9% from prior yearAdjusted Diluted Earnings per Share were $2.05 for the quarter, down 12% from prior year Operating Margin was 6.6% for the quarter, down 10 basis points from prior yearAdjusted Operating Margin was 14.6% for the quarter, down 90 basis points from prior yearUpdated 2024 Outlook for Adjusted Operating Margin, Adjusted Diluted EPS and Cost Savings LONDON, July 27, 2023 (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, 2023. “As our strong organic revenue growth demonstrates, our strategic initiatives continue to gain traction in the marketplace, highlighting the value of our investments in talent and technology,” said Carl Hess, WTW’s chief executive officer. “However, headwinds from prior-year book sales, inflationary conditions and the costs of our investments negatively impacted our margins and earnings this quarter. We have reduced our 2024 adjusted operating margin and adjusted EPS targets to account for these short-term trends, as well as our ongoing strategic investments and the unfavorable pension income dynamics we have previously noted. We believe we are well-positioned to resume steady growth in margins, earnings and free cash flow from current levels.” Consolidated Results As reported, USD millions, except % Key MetricsQ2-23Q2-22Y/Y ChangeRevenue1$2,159 $2,031 Reported 6% | CC 7% | Organic 7%Income from Operations$142 $137 4%Operating Margin % 6.6% 6.7%(10) bpsAdjusted Operating Income$315 $314 0%Adjusted Operating Margin % 14.6% 15.5%(90) bpsNet Income$96 $114 (16)%Adjusted Net Income$219 $260 (16)%Diluted EPS$0.88 $0.97 (9)%Adjusted Diluted EPS$2.05 $2.32 (12)% 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 is on an organic basis. Revenue was $2.16 billion for the second quarter of 2023, an increase of 6% as compared to $2.03 billion for the same period in the prior year. Excluding the impact of foreign currency, revenue increased 7%. On an organic basis, revenue in...
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