UPDATE: Towers Watson Posts 23% Rise In FQ2 Profit, Lifts FY13 Outlook

Towers Watson & Co

reported a 23% rise in its fiscal second-quarter earnings and lifted its FY13 adjusted earnings forecast. Towers Watson now expects FY13 adjusted earnings of $5.28 to $5.38 per share on revenue of $3.6 billion to $3.65 billion. The company in November expected earnings of $5.12 to $5.20 per share on revenue of $3.52 billion to $3.6 billion. It projects current-quarter profit of $1.46 to $1.51 per share and revenue of $940 million to $960 million. However, analysts projected earnings of $1.46 per share on revenue of $943 million. Towers Watson' quarterly profit climbed to $82.3 million, or $1.15 per share, versus $66.9 million, or $0.92 per share, in the year-ago period. Excluding one-time items, it earned $1.48 per share. Its revenue rose 7.6% to $946.2 million. Towers Watson in November expected adjusted earnings of $1.22 to $1.27 per share and revenue of $880 million to $900 million. Its operating margin widened to 12.4% from 11.3%. Towers Watson shares closed at $61.82 yesterday.