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Towers Watson Reports Strong Third Quarter Earnings
- Revenues increased 2% over prior year third quarter (7% constant currency)
- EBITDA Margin increased to 22%, from 20% for the prior year third quarter
- Adjusted Diluted Earnings per Share of $1.63, up 3% over prior year third quarter
- Diluted Earnings per Share of $1.49, up 7% over prior year third quarter
- Increases Expected Fiscal Year 2015 Adjusted Diluted EPS Range to $6.03 to $6.10
- Maintains Expected Fiscal Year 2015 Revenues of approximately $3.6 billion
ARLINGTON, Va.--(BUSINESS WIRE)--May 5, 2015--Towers Watson (NASDAQ: TW),a leading global professional services company, today announced financial results for the third quarter of fiscal year 2015, which ended March 31, 2015.
Total revenues were $921 million for the quarter, an increase of 2% (7% constant currency and organic) from $905 million for the third quarter of fiscal 2014.
EBITDA for the third quarter of fiscal 2015 was $205 million, or 22% of revenues, versus Adjusted EBITDA of $183 million, or 20% of revenues, for the prior-year third quarter.
Income from continuing operations for the third quarter of fiscal 2015 was $104 million, an increase from $102 million from the prior-year third quarter. For the quarter, diluted earnings per share from continuing operations were $1.49, and adjusted diluted earnings per share from continuing operations were $1.63. The tax rate for the quarter for continuing operations was 36%, as compared to 28% for the prior-year third quarter. The prior-year third quarter tax rate benefited from one-time reserve adjustments.
“We are very pleased with our third quarter results. Healthcare and pension consulting as well as pension administration drove revenue growth in the Benefits segment. Talent and Rewards delivered its strongest quarter in almost four years due to the high level of global M&A activity, and Exchange Solutions continued to exceed expectations, as demand for retiree exchange and healthcare administration remained strong,” said John Haley, Towers Watson’s chief executive officer. “The fiscal year-to-date results are a testament to the work ethic of our associates, and their commitment to creating value for our clients. These factors are critical as we continue to focus on building long-term sustainable earnings growth.”
The following information was filed by Towers Watson Co. on Tuesday, May 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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