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Willis Towers Watson plc (WLTW) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $34 million, or $ 0.25 a share in the quarter, against a net loss of $24 million, or $0.35 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $260 million, or $1.88 a share compared with $92 million or $1.33 a share, a year ago. Revenue during the quarter surged 97.84 percent to $1,927 million from $974 million in the previous year period.
Total expenses increase substantially
Operating income for the quarter was $88 million, compared with $2 million in the previous year period. However, the adjusted operating income for the quarter stood at $374 million compared to $176 million in the prior year period. At the same time, adjusted operating margin improved 134 basis points in the quarter to 19.41 percent from 18.07 percent in the last year period.
Willis Group Holdings Plc 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 jumped 96.29 percent or $934 million to $1,904 million.
“As we celebrate the first anniversary of Willis Towers Watson, I want to thank all of our colleagues for their support, enthusiasm and client focus,” said John Haley, Willis Towers Watson’s chief executive officer. “I’m very pleased with the progress we’ve made against our 2016 costs, tax and revenue synergy goals. I’m confident that our integrated talent and risk offerings, combined with the strong leadership team, including the recent changes made in CRB and IRR, have enhanced our go to market strategies, which will help us to achieve our 2018 merger objectives.
Operating cash flow improves significantly
Willis Group Holdings Plc has generated cash of $967 million from operating activities during the year, up 297.94 percent or $724 million, when compared with the last year. Cash flow from investing activities was $188 million from investing activities during the year as against cash outgo of $943 million in the last year.
The company has spent $802 million cash to carry out financing activities during the year as against cash inflow of $641 million in the last year period.
Cash and cash equivalents stood at $870 million as on Dec. 31, 2016, up 63.53 percent or $338 million from $532 million on Dec. 31, 2015.
Assets outpace liabilities growth
Total assets increased 60.69 percent or $11,434 million to $30,273 million on Dec. 31, 2016. On the other hand, total liabilities were at $20,152 million as on Dec. 31, 2016, up 22.68 percent or $3,726 million from year-ago.
Return on assets stood at 0.13 percent in the quarter, down 0.53 from 0.66 percent in the last year period. Return on equity was at 0.34 percent in the quarter against a negative 1.02 percent in the last year period.
Total debt was at $3,865 million as on Dec. 31, 2016, up 18.34 percent or $599 million from year-ago. Shareholders equity stood at $10,070 million as on Dec. 31, 2016, up 326.69 percent or $7,710 million from year-ago. As a result, debt to equity ratio went down 100 basis points to 0.38 percent in the quarter from 1.38 percent in the last year period.
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