Towers Watson Q1 Profit Climbs; Guides Q2 - Quick Facts

(RTTNews) - Professional services company Towers Watson (TW) posted higher first-quarter net income attributable to common stockholders of $88.2 million, or $1.24 a share, versus last year's $59 million, or $0.82 a share. For the latest quarter, adjusted earnings per share amounted to $1.51.

Quarterly total revenues were $810 million, up 2%, from $793.23 million reported a year back. On an organic basis, excluding the impact of changes in foreign currency exchange rates, acquisitions and divestitures, revenues rose 3% year-over-year.

On average, 6 analysts polled by Thomson Reuters expected earnings per share of $1.34, on $815.15 million in revenues for the first quarter. Analysts' estimates typically exclude one-time items.

Looking ahead to the second quarter of fiscal 2014, revenues are expected to be in the range of $900 million - $910 million, reflecting constant currency revenue about flat, and adjusted earnings per share of $1.30 - $1.35. Six analysts anticipate second-quarter earnings per share of $1.38 and revenue of $918.65 million.

For fiscal 2014, the company expects adjusted earnings per share in the range of $5.75 - $5.82, and revenues of $3.53 billion. Six analysts project annual earnings per share of $5.73 and revenue of $3.53 billion. This assumes an average exchange rate of 1.58 U.S. dollars to the British Pound and 1.35 U.S. dollars to the Euro for fiscal 2014.