Global advisory, broking and solutions firm WTW has revealed that net income for Q2 of 2024 was $142 million, an increase of 48% compared to Q2 of 2023.
WTW’s revenue in Q2 of 2024 was $2.27 billion, an increase of 5% compared to the same period in 2023. Of this total revenue figure, WTW’s Health, Wealth & Career segment made up $1.26 billion, while its Risk & Broking segment made up $979 million.
Meanwhile, the firm’s adjusted EBITDA in Q2 of 2024 was $466 million, or 20.6% of revenue, an increase of 13%, compared to Adjusted EBITDA of $411 million, or 19% of revenue, in the same quarter of 2023
WTW also disclosed that Adjusted Diluted Earnings per Share were $2.55 for Q2 of 2024, up 24% from Q2 of 2023. Meanwhile, the Operating Margin was 9.4% in Q2 of 2024, up 280 basis points from the same quarter of the prior year.
Carl Hess, WTW’s Chief Executive Officer, commented, “WTW delivered a strong second quarter, generating significant EPS growth and margin expansion through robust organic growth, operating efficiency and the continued execution of our Transformation program.
“These results show that our efforts to grow, simplify and transform WTW continue to create sustainable value for shareholders, clients and colleagues.
“Given our strong performance and ongoing momentum, we are raising the low end of our full year 2024 target ranges for adjusted operating margin and adjusted EPS to 23.0%-23.5% and $16.00-$17.00, respectively.”
Based on its performance during the first half of 2024 and current and anticipated market conditions, WTW anticipates its full 2024 revenue to reach $9.9+ billion.
