2024-04-25 15:25:28 ET
Willis Towers Watson Public Limited Company (WTW)
Q1 2024 Earnings Conference Call
April 25, 2024 9:00 AM ET
Company Participants
Carl Hess - Chief Executive Officer
Andrew Krasner - Chief Financial Officer
Conference Call Participants
Elyse Greenspan - Wells Fargo
Gregory Peters - Raymond James
Rob Cox - Goldman Sachs
Mike Ward - Citi
Andrew Kligerman - TD Cowen
Mark Hughes - Truist Securities
Jian Huang - Morgan Stanley
Michael Zaremski - BMO
Mark Marcon - Baird
Meyer Shields - KBW
David Motemaden - Evercore ISI
Presentation
Operator
Good morning. Welcome to the WTW First Quarter 2024 Earnings Conference Call. Please refer to 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 visit the Forward-Looking Statements section of the earnings press release issued this morning, as well as other disclosures in the company’s most recent Form 10-K, and in other filings the company has made with the SEC. During the call, certain non-GAAP financial measures will be discussed. For reconciliations of the non-GAAP measures, as well as other information regarding these measures, please refer to the earnings press release issued this morning 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 first quarter 2024 earnings call. Joining me today is Andrew Krasner, our Chief Financial Officer. We had a solid start to the year delivering first quarter results in line with our expectations. Our momentum from last year has carried us into 2024 as we continue to execute on our strategic priorities to grow, simplify and transform. Our exceptional solutions, productivity from new hires and investments in talent and technology continue to play a pivotal role in fueling organic revenue growth of 5%.
Simultaneously, our transformation initiatives helped us generate adjusted operating margin expansion of 200 basis points year-over-year, and 16% growth in adjusted diluting earnings per share. We had $33 million of incremental annualized savings from our transformation program during the first quarter, bringing the total to $370 million in cumulative annualized savings since the program’s inception. We continue to look for more opportunities to optimize the business while leveraging our cost structure to expand our margins.
This encouraging start of the year, our robust new business pipeline and our plans for realizing operating efficiencies across the rest of the year give us a high level of confidence that we will deliver on our 2024 commitments. I’m pleased with how our strategic progress has driven this quarter’s results, and more importantly, has positioned us for continued profitable growth. For the first quarter of 2024, we deliver top-line growth underscoring the heightened importance of our services in the current market....
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Willis Towers Watson Public Limited Company (WTW) Q1 2024 Earnings Call Transcript