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Towers Watson Reports Third Quarter Earnings
- Revenues $905 million, up 1% over prior year
- Adjusted Diluted EPS from continuing operations of $1.59, up 10% over prior year
- Diluted EPS from continuing operations of $1.39, up 19% over prior year
- Adjusted EBITDA Margin of 20.2%, as compared to 19.3% for the prior year
- EBITDA Margin of 20.1%, as compared to 18.4% for the prior year
NEW YORK--(BUSINESS WIRE)--May 6, 2014--Towers Watson (NYSE, NASDAQ: TW),a leading global professional services company, today announced financial results for the third quarter of fiscal year 2014, which ended March 31, 2014.
Total revenues were $905 million for the quarter, an increase of 1% (1% increase constant currency) from $893 million for the third quarter of fiscal 2013. On an organic basis, which excludes the impact of changes in foreign currency exchange rates, acquisitions and divestitures, revenues increased 1% from the prior-year third quarter.
Adjusted EBITDA for the third quarter of fiscal 2014 was $183 million, or 20.2% of revenues, versus Adjusted EBITDA of $173 million, or 19.3% of revenues, for the prior-year third quarter. Investments in Technology and Administration Solutions, Health & Group Benefits and OneExchange impacted the third quarter EBITDA margins. In addition to the investments, we incurred approximately $6 million of restructuring costs this quarter.
Income from continuing operations (attributable to common stockholders) for the third quarter of fiscal 2014 was $99 million, an increase of 18% from $83 million for the prior-year third quarter. For the quarter, diluted earnings per share from continuing operations were $1.39, a 19% increase over prior year, and adjusted diluted earnings per share from continuing operations were $1.59, a 10% increase over prior year. The tax rate for the quarter for continuing operations was 28%.
“Overall, revenue growth for the Americas Region came in as expected, but there was a general pull back in project work in the EMEA and Asia Pacific Regions, which drove the shortfalls in forecasted revenue,” said John Haley, chief executive officer. “We had been seeing some positive momentum in the new business pipeline in EMEA, and in the UK specifically, however, organizations appear to have pulled back on the size and scope of projects. On a positive note, off-cycle retiree exchange enrollments are up, we’ve had an increase of inquiries regarding bulk lump sum work, and we continue to be very pleased about the Liazon acquisition.”
The following information was filed by Towers Watson Co. on Tuesday, May 6, 2014 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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