WTW’s net income falls 6% YoY in Q1'24
Diluted EPS for the quarter was at $1.83.
WTW saw its net income dip 6% year-on-year (YoY) to $194m in the first quarter of the year (Q1’24), whilst adjusted EBITDA rose by 13% to $568m. In the same period last year, net profits were $206m.
Meanwhile, revenue climbed 4% to $2.3b in the first quarter of the year (Q1’24), with an organic growth of 5%.
Diluted earnings per share were $1.83 for the quarter, down 3% over the prior year. Whilst Adjusted diluted earnings per share were $3.29 for the quarter, up 16% from prior year
Cash flow from operations was $24m, down from $134m in the previous year, mainly due to increased transformation costs.
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The Health, Wealth & Career (HWC) segment revenue reached $1.34b, up 4% organically, driven by growth in Health and Wealth businesses.
Operating margins in the HWC segment improved to 25.1%.
The Risk & Broking (R&B) segment revenue grew 8% to $978m, with an operating margin of 20.8%.
The company maintains its full-year targets for 2024, including revenue of $9.9b or higher, mid-single digit organic revenue growth, adjusted operating margin of 22.5% - 23.5%, and adjusted diluted earnings per share of $15.40 to $17.00.
Additionally, it anticipates approximately $88m in non-cash pension income and a foreign currency headwind of approximately $0.05 per share for the year.