willis group holdings plc (WSH) Key Developments
Willis Group Holdings Public Limited Company Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2013; Provides Tax Rate Guidance for the Second, Third and Fourth Quarters and Full Year of 2013
Apr 30 13
Willis Group Holdings Public Limited Company announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. Willis Group reported net income of $219 million, or $1.24 per diluted share, for the quarter ended March 31, 2013. These results compared with reported net income of $225 million, or $1.28 per diluted share, in the comparable period a year ago. Notable items, in comparing reported net income between the two periods, include the $46 million charge in the first quarter of 2013 and, in the first quarter of 2012, $13 million related to the write-off of uncollectible accounts receivable and associated legal fees. Excluding the after-tax impact of these two items, adjusted net income for the first quarter 2013 was $257 million, or $1.46 per diluted share, compared with $233 million, or $1.32 per diluted share, in the same period a year ago. For the quarter, total revenues were $1,051 million, operating income was $287 million and income before income taxes and interest in earnings of associates was $256 million against total revenues of $1,013 million, operating income of $317 million and income before income taxes and interest in earnings of associates of $285 million a year ago. Adjusted operating income was $333 million against $330 million a year ago.
The company provided tax rate guidance for the second, third and fourth quarters and full year of 2013. The full year tax rate is expected to be 22%, so the tax rate for quarters second, third and fourth, should range between 22% and 26%. The quarterly tax rate is impacted by a number of factors, including the proportion of U.S. income to total income. During the time the company remains in a cumulative 3-year loss position, higher percentages of U.S. income produced a lower tax rate.
Willis Global Announces Unaudited Revenue Results for the First Quarter Ended March 31, 2013
Apr 30 13
Willis Global announced unaudited revenue results for the first quarter ended March 31, 2013. The company reported 3.5% growth in commissions and fees in the first quarter of 2013, compared with the first quarter of 2012. The change reflects 4.1% organic growth, a negative 0.4% impact from foreign currency movements, and a negative 0.2% impact from acquisitions and disposals.
Willis Group Holdings Public Limited Company Approves Quarterly Cash Dividend, Payable on July 15, 2013
Apr 30 13
Willis Group Holdings Public Limited Company announced that at its April 2013 Board meeting, the Board of Directors approved a regular quarterly cash dividend of $0.28 per share (an annual rate of $1.12 per share). The dividend is payable on July 15, 2013 to shareholders of record at June 28, 2013.
Willis Group Holdings Public Limited Company to Report Q1, 2013 Results on Apr 30, 2013
Apr 29 13
Willis Group Holdings Public Limited Company announced that they will report Q1, 2013 results After-Market on Apr 30, 2013
Willis Group Holdings Public Limited Company Announces Board Changes
Apr 26 13
On April 23, 2013, Messrs. Joseph A. Califano and Jeffrey B. Lane notified the board of directors of Willis Group Holdings Public Limited Company of their respective decision not to stand for re-election to the company's board at the 2013 annual general meeting of shareholders. Messrs. Califano and Lane will step down from the board and all committees of the board on which they respectively serve at the conclusion of the 2013 annual meeting. The board has also appointed James McCann to serve as non-executive Chairman of the board, effective July 8, 2013, succeeding Joe Plumeri upon his retirement from the board. Mr. McCann has served on the Board since 2004 and as the Presiding Independent Director since October 2012.