Willis Towers Watson Plc reported fourth-quarter 2017 net income attributable to the company of $245 million, or $1.84 per share, compared to $142 million, or $1.03 per share, in the fourth quarter of 2016.
Adjusted net income was $295 million, or $2.21 per share, compared to $260 million, or $1.88 per share, in the fourth quarter of 2016.
The S&P Capital IQ consensus normalized EPS estimate for the quarter was $2.11.
In connection with the analysis of the impact of U.S. tax reform, the company recorded a provisional net tax benefit of $204 million in the fourth quarter of 2017. Approximately $208 million of this net benefit is due to the reduction in the federal tax rate and remeasurement of the net U.S. deferred tax liabilities primarily relating to the merger-related acquisition intangibles.
Total revenues increased year over year to $2.08 billion from $1.93 billion. Revenues increased 6% on an organic basis.
During the quarter, Willis Towers Watson repurchased $70 million of its shares.
For 2017, net income attributable to the company was $568 million, or $4.18 per share, compared to $420 million, or $3.04 per share, in 2016. Adjusted net income was $1.16 billion, or $8.51 per share, compared to $1.10 billion, or $7.96 per share, a year ago.
The S&P Capital IQ consensus normalized estimate for 2017 was $8.42 per share.
For 2018, the company expects constant currency revenue growth of around 3%, and 4% on an organic basis; and adjusted EPS in the range of $9.88 to $10.12.
The S&P Capital IQ consensus normalized estimate for 2018 is $10.10 per share.
