WTW, a leading global advisory, broking and solutions company, announced financial results for the third quarter ended September 30, 2024 – the revenue was USD 2.29 billion, an increase of 6% as compared to USD 2.17 billion for the same period in the prior year, the company’s press release said.

Net Loss for the third quarter of 2024 was USD 1.67 billion compared to Net Income of USD 139 million in the prior-year third quarter. Loss from Operations, Operating Margin, Net Loss and Diluted EPS for the third quarter of 2024 include pre-tax non-cash losses and impairment charges of over USD 1.0 billion each related to the pending sale of TRANZACT.

Adjusted EBITDA for the third quarter was USD 501 million, or 21.9% of revenue, an increase of 15%, compared to Adjusted EBITDA of USD 436 million, or 20.1% of revenue, in the prior-year third quarter. The U.S. GAAP tax rate for the third quarter was 16.1%, and the adjusted income tax rate for the third quarter used in calculating adjusted diluted earnings per share was 19.7%.

WTW Third Quarter 2024 report key takeaways:

• Revenue increased 6% to USD 2.3 billion for the quarter with organic growth of 6% for the quarter
• Diluted Loss per Share was USD 16.44 for the quarter
• Adjusted Diluted Earnings per Share were USD 2.93 for the quarter, up 31% from prior year
• Operating Margin was 33.5% for the quarter
• Adjusted Operating Margin was 18.1% for the quarter, up 190 basis points from prior year.

“We had another strong quarter fueled by revenue growth, operating leverage and the success of our Transformation program. Our revenue growth of 6% for the quarter is evidence that our value proposition is continuing to resonate in the market and that our investments in talent and technology are succeeding. We are also making ongoing progress on our commitment to improve cash flow. Given our strong performance and momentum, we are entering the fourth quarter with confidence in our ability to deliver on our targets for the year and drive sustainable, profitable growth going forward”, the company said.