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Towers Watson Reports Strong First Quarter Earnings
- Revenue increased 8% over prior year first quarter (7% constant currency)
- EBITDA Margin increased to 19.5%, from 18.0% for the prior year first quarter
- Adjusted Diluted Earnings per Share of $1.32
- Diluted Earnings per Share of $1.16
ARLINGTON, Va.--(BUSINESS WIRE)--November 5, 2014--Towers Watson (NYSE, NASDAQ: TW),a leading global professional services company, today announced financial results for the first quarter of fiscal year 2015, which ended September 30, 2014.
The information contained in this press release reflects the expansion of the Exchange Solutions Segment which took effect as of July 1, 2014. Please refer to our 8-K filed on September 16, 2014 for information on the recast of our fiscal year 2014 segment results.
Total revenues were $878 million for the quarter, an increase of 8% (7% constant currency) from $810 million for the first quarter of fiscal 2014. On an organic basis, which excludes the impact of changes in foreign currency exchange rates, acquisitions and divestitures, revenues increased 7% from the prior-year first quarter.
EBITDA for the first quarter of fiscal 2015 was $171 million, or 19.5% of revenues, versus Adjusted EBITDA of $146 million, or 18.0% of revenues, for the prior-year first quarter.
Income from continuing operations for the first quarter of fiscal 2015 was $82 million, a decrease from $86 million for the prior-year first quarter. For the quarter, diluted earnings per share from continuing operations were $1.16 and adjusted diluted earnings per share from continuing operations were $1.32. The tax rate for the quarter for continuing operations was 35%. As a reminder, the tax rate in the first quarter of the prior fiscal year was 15% due to the impact of favorable tax settlements.
“We are very pleased with the first quarter results, especially with the strong results delivered by the Benefits and Exchange Solutions segments. Bulk lump sum, healthcare consulting and pension administration drove revenue growth in the Benefits segment. A strong off-cycle enrollment period and the excellent work delivered by the health and welfare administration group drove growth in Exchange Solutions,” said John Haley, chief executive officer. “There was also a significant item of note this past quarter. Towers Watson’s One Exchange was selected to be the retiree medical exchange provider for the Ohio Public Employee Retirement System (OPERS) Medicare Connector, effective January 2016. We are very excited by this announcement and look forward to the opportunity to serve OPERS’ retirees.”
The following information was filed by Towers Watson Co. on Wednesday, November 5, 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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