Watson Wyatt Worldwide today reported revenues of $453.8 million in its fiscal fourth quarter, ended June 30, down 0.8% from the previous quarter and up 17% from a year earlier. The year-earlier rise was actually 14% when currency differences are accounted for, said CFO Carl D. Mautz. About one-third of the firms business is done in Europe, Mr. Mautz said.
Excluding the impact of acquisitions and changes in foreign exchange rates, revenues increased 10% from the fourth quarter of fiscal 2007.
For the fiscal year, Watson Wyatt reported $1.76 billion in revenues, an 18% increase from the year before. Excluding the impact of acquisitions and changes in foreign exchange rates, revenues increased 8% from fiscal 2007.
The companys investment consulting group provided 10% in the most recent quarter, the same as the previous quarter, and the insurance and financial services group provided an additional 6%. Its benefits group represented the largest revenue area in the fourth quarter, representing 56% of the total, chiefly because of increasing demand for retirement services in all geographic regions, according to a Watson Wyatt news release.
Net income for the fourth quarter of fiscal 2008 was $41.7 million, or 95 cents per diluted share, down 1.9% from the previous quarter and up 32% from a year earlier.
Net income for the year was $155.4 million, or $3.50 per diluted share, an increase of 34% from a year earlier.
We capped fiscal 2008 with a very strong quarter and finished the year with outstanding growth driven by solid organic increases and successful acquisitions, John Haley, president and CEO, said in the release.