Willis Towers (WLTW) Beats Q1 Earnings And Revenue Estimates
Zacks Investment Research | May 03, 2017 11:27PM ET
Willis Towers Watson plc (NASDAQ:WLTW) reported first-quarter 2017 adjusted net income of $3.71 per share that beat the Zacks Consensus Estimate of $3.33. Earnings also increased 9% year over year.
Increase in revenues as well as lower expenses supported the upside.
Including amortization, restructuring costs as well as integration and transaction expenses, net income came in at $2.50 per share, up 43% year over year.
Operational Updates
Adjusted revenues improved 2% (up 5% on a constant currency basis as well as organic basis) year over year to $2.319 billion. Revenues narrowly beat the Zacks Consensus Estimate of $2.283 billion.
Commissions and fees were $2.3 billion, up 3.8% year over year.
Total costs of providing services decreased 2.7% year over year to $1.9 million.
Adjusted EBITDA of $708 million increased 5.5% year over year. Adjusted EBITDA margin expanded 90 basis points to 30.5%.
Adjusted operating income increased 5.4% year over year to $681 million in the quarter.
Willis Towers Watson Public Limited Company Price, Consensus and EPS Surprise
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here .Performance of Other Insurers
Among the other players that have reported first-quarter earnings so far, Chubb Limited (NYSE:CB) beat the Zacks Consensus Estimate but RLI Corp. (NYSE:RLI) and The Progressive Corporation (NYSE:PGR) missed expectations.
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