Towers Watson beats expectations in fiscal 2Q
Towers Watson fiscal 2Q beats Wall Street forecast, shares rise
NEW YORK (AP) -- Towers Watson & Co.'s shares rose Thursday after the risk management and human resources consulting company's fiscal second-quarter financial performance exceeded Wall Street's expectations.
Net income was $82.3 million, or $1.15 per share, for the second quarter that ended Dec. 31. That compares with $67 million, or 92 cents per share, in the same quarter a year ago. After adjusting for several special items, it made $1.48 per share.
Total revenue increased 8 percent to $946.2 million.
The consensus of analysts polled by FactSet had earnings at $1.26 per share on revenue of $896.9 million.
Towers Watson expects to earn $1.46 to $1.51 per share in the current quarter on revenue of $940 million to $960 million. Analysts forecast earnings of $1.46 per share on revenue of $941.9 million.
For the full 2013 fiscal year, the company expects to earn between $5.28 and $5.38 per share on revenue of $3.6 billion to $3.65 billion. Analysts forecast earnings of $5.20 per share on revenue of $3.56 billion.
Towers Watson shares rose $3.80, or 6.2 percent, to $65.62 in afternoon trading. Its shares have traded between $49.74 and $68.18 in the past 52 weeks.
