Willis Towers Watson (WLTW) has reported 44.54 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $344 million, or $2.50 a share in the quarter, compared with $238 million, or $1.75 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $512 million, or $3.71 a share compared with $464 million or $3.41 a share, a year ago. Revenue during the quarter grew 3.80 percent to $2,319 million from $2,234 million in the previous year period.
Total expenses come down marginallyOperating income for the quarter was $463 million, compared with $326 million in the previous year period. However, the adjusted operating income for the quarter stood at $681 million compared to $646 million in the prior year period. At the same time, adjusted operating margin improved 45 basis points in the quarter to 29.37 percent from 28.92 percent in the last year period.
Willis Towers Watson projects revenue to grow in the range of 2 percent to 3 percent for the financial year 2017. For financial year 2017, the company forecasts diluted earnings per share to be in the range of $8.40 to $8.55 on adjusted basis.
Meanwhile, income from fees and commission for the quarter increased by 3.79 percent or $84 million to $2,303 million.
“Im very pleased with the first quarter results, and particularly pleased for our colleagues, who have worked with unwavering focus on our clients and in unifying and integrating Willis Towers Watson,” said John Haley, Willis Towers Watsons chief executive officer. “There are fewer things more gratifying on a professional level than seeing hard work produce great results. As planned, our integration efforts remain on-going, and I expect that we will continue to navigate challenges over the next two years. However, with the strong foundation of our core businesses and the opportunities of our integrated offerings, I remain confident we will achieve the potential we envisioned when creating Willis Towers Watson.”
Operating cash flow declinesWillis Towers Watson has generated cash of $95 million from operating activities during the quarter, down 20.17 percent or $ 24 million, when compared with the last year period. The company has spent $82 million cash to meet investing activities during the quarter as against cash inflow of $417 million in the last year period.
Cash flow from financing activities was $14 million for the quarter as against cash outgo of $116 million in the last year period.
Cash and cash equivalents stood at $901 million as on Mar. 31, 2017, down 5.56 percent or $53 million from $954 million on Mar. 31, 2016.
Total assets stood at $32,232million as on Mar. 31, 2017. On the other hand, total liabilities were at $21,775 million as on Mar. 31, 2017.
Return on assets was at 1.09 percent in the quarter. At the same time, return on equity was at 3.31 percent in the quarter.
Total debt was at $4,095 million as on Mar. 31, 2017. Shareholders equity was at $10,404 million as on Mar. 31, 2017. As a result, debt to equity ratio was at 0.39 percent in the quarter.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
