WTW - Willis Towers Watson PLC (WTW) Q4 2023 Earnings Call Transcript
2024-02-06 15:33:10 ET
Willis Towers Watson PLC (WTW)
Q4 2023 Earnings Conference Call
February 06, 2024, 9:00 AM ET
Company Participants
Carl Hess - Chief Executive Officer
Andrew Krasner - Chief Financial Officer
Conference Call Participants
Gregory Peters - Raymond James
Elyse Greenspan - Wells Fargo
Robert Cox - Goldman Sachs
Michael Zaremski - BMO
David Motemaden - Evercore ISI
Andrew Kligerman - TD Cowen
Yaron Kinar - Jeffries
Mark Marcon - Baird
Mark Shields - Keefe, Bruyette & Woods
Joshua Shanker - Bank of America
Michael Ward - Citi
Brian Meredith - UBS
Presentation
Operator
Good morning. Welcome to the WTW Fourth Quarter and Full Year 2023 Earnings Conference Call. Please refer to the wtwco.com for the press release and supplemental information that were issued earlier today. Today's call is being recorded and will be available for the next three months on WTW's website.
Some of the comments in today's call may constitute forward-looking statements within the meaning of the Private Securities Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties. Actual results may differ materially from those discussed today, and the company undertakes no obligation to update these statements unless required by law. For a more detailed discussion of these and other risk factors, investors should review the forward-looking statements section of the earnings press release issued this morning, as well as, other disclosures in the most recent Form 10-K and in other Willis Towers Watson SEC filings.
During the call, certain non-GAAP financial measures may be discussed. For reconciliation of the non-GAAP measures as well as other information regarding these measures, please refer to the most recent earnings release and other materials in the Investor Relations section of the company's website.
I'll now turn the call over to Carl Hess, WTW's Chief Executive Officer. Please go ahead.
Carl Hess
Good morning, everyone. Thank you for joining us for WTW’s fourth quarter and full year 2023 earnings call. Joining me today is Andrew Krasner, our Chief Financial Officer.
WTW ended 2023 on a strong note and has begun 2024 with solid momentum, as we continue to execute on our grow, simplify and transform strategic priorities. In the fourth quarter, our world class solutions and maturing investments in talent helped generate robust organic revenue growth and our transformation program and expense discipline drove adjusted operating margin expansion and solid adjusted diluting earnings per share growth. Our performance steadily improved throughout 2023 and today WTW is stronger, more resilient and better positioned to achieve our goals.
We delivered 6% organic revenue growth in the fourth quarter with an adjusted operating margin of 34.2%, up 180 basis points over the prior year. Adjusted diluted earnings per share were $7.44, an 18% increase year-over-year. For the full year, we had organic revenue growth of 8% above our mid-single digit target. We also drove 110 basis points of year-over-year margin expansion to achieve an adjusted operating margin of 22%, fulfilling our commitment of annual margin expansion. Our adjusted diluting earnings per share were $14.49, an 8% increase over the prior year....
Willis Towers Watson PLC (WTW) Q4 2023 Earnings Call Transcript