Willis saw strong organic growth in Q2 2014 that beat analysts' expectations, but that was more than offset by increased expenses, resulting in what analysts at Nomura called a “messy miss” for the broker.
Willis reports total Q2 revenue growth of $935 million, or 5.1% growth over Q2 2013. Organic growth was 4.5%, ahead of Nomura's 2.7% estimate and Sterne Agee's 4% estimate.
But expenses climbed 8.9% to $787 million in the quarter. Willis says the increase was primarily driven by investment in new hires since the end of Q2 2013. “The resulting business performance reduced second-quarter earnings by approximately $0.04 per diluted share compared to the same period last year,” Willis says.
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