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Towers Watson Reports Fourth Quarter Earnings
- Diluted EPS of $0.91, an increase of 52% over prior year
- Adjusted Diluted EPS of $1.25, an increase of 18% over prior year
Fiscal Year 2012 Adjusted Diluted EPS of $5.18, an increase of 16% over prior year
NEW YORK--(BUSINESS WIRE)--August 14, 2012--Towers Watson (NYSE, NASDAQ: TW),a leading global professional services company, today announced financial results for the fourth quarter of fiscal year 2012, which ended June 30, 2012.
Revenues were $826 million for the quarter, a decrease of 3% (flat constant currency) from $851 million for the fourth quarter of fiscal 2011. On an organic basis which excludes the impact of changes in foreign currency exchange rates, acquisitions and divestitures, revenues were flat as compared to the prior-year fourth quarter. For the fiscal year, revenues were $3.42 billion, an increase of 5% from $3.26 billion in fiscal 2011.
Adjusted EBITDA for the fourth quarter of fiscal 2012 was $161 million, or 19.5% of revenues, an increase from $159 million, or 18.7% of revenues, for the prior-year fourth quarter. For the fiscal year, Adjusted EBITDA was $674 million or 19.7% of revenues. Adjusted EBITDA excludes transaction and integration expenses, non-cash stock-based compensation arising from the merger and a change in accounting method for pension.
Net income attributable to controlling interests for the fourth quarter of fiscal 2012 was $65 million, an increase from $44 million for the prior-year fourth quarter. For the fiscal year, net income attributable to controlling interests was $260 million. For the quarter, diluted earnings per share were $0.91 and adjusted diluted earnings per share were $1.25. Adjusted diluted earnings per share increased 18% from the prior-year fourth quarter. For the fiscal year, diluted earnings per share were $3.59 and adjusted diluted earnings per share were $5.18. Adjusted diluted earnings per share include a normalized income tax rate and exclude transaction and integration costs, non-cash stock-based compensation arising from the merger, amortization of merger accounting intangible assets, a change in accounting method for pension and non-recurring other income. The normalized tax rate for the quarter was 34%.
“This concludes a very successful fiscal year overall, with 5% revenue growth and strong profit growth. While the fourth quarter was challenging in terms of revenue performance, I continue to be confident about our long-term growth strategy,” said John Haley, chief executive officer. “There were a couple of factors that contributed to the revenue shortfall: the impacts of our ERP deployment stabilization activities in North America and weaker results from Talent and Rewards, driven by Europe. Otherwise, we continue to see overall positive net momentum in the business. We remain committed to our disciplined management approach, our growth strategies, and most importantly, helping our clients navigate through these uncertain times.”
The following information was filed by Towers Watson Co. on Tuesday, August 14, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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