Towers Watson sees first-quarter below market expectations
(Reuters) - Towers Watson and Co (TW.N) posted a higher-than-expected quarterly profit, but the employee-benefits consultancy firm forecast first-quarter results below market expectations.
Towers Watson expects per-share earnings of between $1.05 and $1.10 for the first quarter on revenue of $805 million to $825 million.
Analysts had estimated earnings of $1.25 per share on revenue of $852.1 million, according to Thomson Reuters I/B/E/S.
For the fourth-quarter, net income rose to $65.3 million, or 91 cents per share, from $43.9 million, or 59 cents per share, a year earlier.
Excluding items, the company earned $1.25 per share.
Revenue from its benefits segment fell 2 percent to $472.5 million in the fourth quarter. Overall revenue was down 3 percent at $826.2 million.
Analysts had expected earnings of $1.24 per share on revenue of $868.1 million.
Shares of the company closed at $58.55 on Monday on the New York Stock Exchange.
(Reporting by Megha Mandavia in Bangalore; Editing by Sreejiraj Eluvangal)