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Towers Watson Reports Record Second Quarter Earnings
- Revenues increased 8% over prior year second quarter (11% constant currency)
- EBITDA Margin increased to 22.0%, from 19.4% for the prior year second quarter
- Adjusted Diluted Earnings per Share of $1.73, up 24% over prior year second quarter
- Diluted Earnings per Share of $1.57, up 30% over prior year second quarter
- Increases Expected Fiscal Year 2015 Adjusted EPS Range to $5.90 to $6.00
- Maintains Expected Fiscal Year 2015 Revenues of around $3.6 billion
ARLINGTON, Va.--(BUSINESS WIRE)--February 5, 2015--Towers Watson (NYSE, NASDAQ: TW),a leading global professional services company, today announced financial results for the second quarter of fiscal year 2015, which ended December 31, 2014.
Total revenues were $958 million for the quarter, an increase of 8% (11% constant currency) from $888 million for the second quarter of fiscal 2014. On an organic basis, which excludes the impact of changes in foreign currency exchange rates, acquisitions and divestitures, revenues increased 11% from the prior-year second quarter.
EBITDA for the second quarter of fiscal 2015 was $211 million, or 22.0% of revenues, versus Adjusted EBITDA of $172 million, or 19.4% of revenues, for the prior-year second quarter.
Income from continuing operations for the second quarter of fiscal 2015 was $110 million, an increase from $90 million from the prior-year second quarter. For the quarter, diluted earnings per share from continuing operations were $1.57, and adjusted diluted earnings per share from continuing operations were $1.73. The tax rate for the quarter for continuing operations was 33%.
“We are very pleased that the strong growth we experienced in the first quarter continued to gain momentum in the second quarter. Bulk lump sum projects and healthcare consulting drove revenue growth in the Benefits segment. Talent and Rewards delivered its strongest quarter in three years, and Exchange Solutions continued to exceed expectations, measured by both the financial results delivered, and with the quality of the annual enrollment process” said John Haley, Towers Watson’s chief executive officer. “We far surpassed participant satisfaction goals for the more than two million employees we enrolled in our health and welfare administration platforms, had the strongest retiree satisfaction ratings in our history, and the feedback from our clients and employees has been extremely positive regarding their enrollment experiences on the active exchange.”
The following information was filed by Towers Watson Co. on Thursday, February 5, 2015 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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