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Towers Watson Reports Strong Fourth Quarter Earnings
- Revenues of $879 million, up 5% over prior year
- Adjusted Diluted EPS from continuing operations of $1.34, up 2% over prior year
- Diluted EPS from continuing operations of $1.17, up 4% over prior year
Fiscal Year 2014 Adjusted Diluted EPS from continuing operations of $5.76, up 10% over prior year
Fiscal Year 2014 Diluted EPS from continuing operations of $4.98 up 21% over prior year
ARLINGTON, Va.--(BUSINESS WIRE)--August 12, 2014--Towers Watson (NYSE, NASDAQ: TW),a leading global professional services company, today announced financial results for the fourth quarter of fiscal year 2014, which ended June 30, 2014.
Total revenues were $879 million for the quarter, an increase of 5% (4% increase constant currency) from $835 million for the fourth quarter of fiscal year 2013. On an organic basis, which excludes the impact of changes in foreign currency exchange rates, acquisitions and divestitures, revenues increased 3% from the prior year fourth quarter. For the fiscal year, revenues were $3.5 billion, an increase of 1% over the prior year.
Adjusted EBITDA for the fourth quarter of fiscal year 2014 was $169 million, or 19.2% of revenues, versus Adjusted EBITDA of $161 million, or 19.3% of revenues, for the prior year fourth quarter. For the fiscal year, Adjusted EBITDA was $670 million or 19.2% of revenues.
Income from continuing operations (attributable to common stockholders) for the fourth quarter of fiscal year 2014 was $82 million as compared to $80 million in the fourth quarter of fiscal year 2013. For the quarter, diluted earnings per share from continuing operations were $1.17, a 4% increase over the prior year, and adjusted diluted earnings per share from continuing operations were $1.34, a 2% increase over the prior year. The tax rate for continuing operations for the quarter was 34%.
“We were very pleased with the fourth quarter results and ending the fiscal year on such a strong note” said John Haley, chief executive officer. “We had three significant goals for fiscal year 2014: enhance the capabilities the OneExchange platform; re-align the Risk Consulting and Software business; and direct resources to long-term growth initiatives. While we experienced some pressure on revenues this past year, I’m pleased to say that we’ve accomplished our organizational goals in building the foundation for long-term growth. OneExchange is the only multi-carrier platform in the market today that can address all employee populations on a fully insured and self-insured basis, the Risk Consulting and Software business has returned to historical profitability, and the divestiture of the Brokerage business provided capital to refocus our resources for more strategic growth initiatives, particularly the enhancement of OneExchange through the acquisition of Liazon.”
The following information was filed by Towers Watson Co. on Tuesday, August 12, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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