Press release
WTW Reports Second Quarter 2024 Earnings
Revenue1 increased 5% to $2.3 billion for the quarter with organic growth of 6% for the quarterDiluted Earnings per Share were $1.36 for the quarter, up 55%
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[{"type":"text","content":"Revenue1 increased 5% to $2.3 billion for the quarter with organic growth of 6% for the quarterDiluted Earnings per Share were $1.36 for the quarter, up 55% over prior yearAdjusted Diluted Earnings per Share were $2.55 for the quarter, up 24% from prior yearOperating Margin was 9.4% for the quarter, up 280 basis points from prior yearAdjusted Operating Margin was 17.0% for the quarter, up 240 basis points from prior yearRaised low end of target ranges for 2024 Outlook for Adjusted Operating Margin and Adjusted Diluted EPS and increased the Annual Cost Savings target LONDON, July 25, 2024 (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, 2024. “WTW delivered a strong second quarter, generating significant EPS growth and margin expansion through robust organic growth, operating efficiency and the continued execution of our Transformation program,” said Carl Hess, WTW’s Chief Executive Officer. “These results show that our efforts to grow, simplify and transform WTW continue to create sustainable value for shareholders, clients and colleagues. Given our strong performance and ongoing momentum, we are raising the low end of our full year 2024 target ranges for adjusted operating margin and adjusted EPS to 23.0%-23.5% and $16.00-$17.00, respectively.” Consolidated Results As reported, USD millions, except % Key MetricsQ2-24Q2-23Y/Y ChangeRevenue1$2,265$2,159Reported 5% | CC 6% | Organic 6%Income from Operations$212$14249%Operating Margin %9.4%6.6%280 bpsAdjusted Operating Income$385$31522%Adjusted Operating Margin %17.0%14.6%240 bpsNet Income$142$9648%Adjusted Net Income$263$21920%Diluted EPS$1.36$0.8855%Adjusted Diluted EPS$2.55$2.0524% 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 $2.27 billion for the second quarter of 2024, an increase of 5% as compared to $2.16 billion for the same period in the prior year. Excluding the impact of foreign currency, revenue increased 6%. On an organic basis, revenue increased 6%. See Supplemental Segment Information for additional detail on book-of-business settl...
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