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Willis Towers Watson Q2 adjusted revenues up 1% organically

Willis Towers Watson Plc reported second-quarter net income attributable to the company of $33 million, or 24 cents per share, down from $72 million, or 51 cents per share, for the prior-year quarter.

GAAP net income and EPS include pretax $63 million of integration expenses and $27 million of restructuring costs.

Second-quarter adjusted net income was $198 million, or $1.45 per share, compared with $233 million, or $1.66 per share, in the prior-year quarter.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $1.52.

Total revenues remained flat at $1.95 billion. Adjusted revenues increased 1% on an organic basis. Adjusted revenues include $26 million of revenue not recognized due to purchase accounting rules for the prior-year second quarter.

During the quarter, the company repurchased approximately $140 million of its stock.

For 2017, the company expects current constant currency revenue growth of 2% to 3% and adjusted EPS in the range of $8.36 to $8.51. The updated adjusted EPS range reflects a decline of 4 cents per share from the previous guidance due to the divestiture of the Global Wealth Solutions business.

The S&P Capital IQ consensus normalized EPS estimate for the year is $8.50.