Willis Towers Watson Public Limited Company (NASDAQ:WTW) Q3 2024 Earnings Conference Call October 31, 2024 9:00 AM ET
Company Participants
Carl Hess - Chief Executive Officer
Andrew Krasner - Chief Financial Officer
Conference Call Participants
Mitchell Rubin - Raymond James
Elyse Greenspan - Wells Fargo
Robert Cox - Goldman Sachs
Mark Hughes - Truist Securities
Charles Sebaski - BMO
Peter Newton - Evercore ISI
Meyer Shields - KBW
Justin Moreno - Barclays
Katie Sakys - Autonomous Research
Mark Marcon - Baird
Operator
Good morning. Welcome to the WTW Third Quarter 2024 Earnings Conference Call. Please refer to wtwco.com for the press release and supplemental information that were issued earlier today. Today's call is being recorded and will be available for the next three months on WTW's website.
Some of the comments in today's call may constitute forward-looking statements within the meaning of the Private Securities Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties. Actual results may differ materially from those discussed today and the company undertakes no obligation to update these statements unless required by law.
For a more detailed discussion of these and other risk factors, investors should review the forward-looking statements section of the earnings press release issued this morning as well as other disclosures in the company's most recent Form 10-K and other filings the company has made with the SEC.
During the call, certain non-GAAP financial measures will be discussed. For reconciliations of the non-GAAP measures as well as other information regarding these measures, please refer to the earnings press release issued this morning and other materials in the Investor Relations section of the company's website.
I'll now turn the call over to Carl Hess, WTW's Chief Executive Officer. Please go ahead.
Carl Hess
Good morning, everyone. Thank you for joining us for WTW's third quarter 2024 earnings call. Joining me today is Andrew Krasner, our Chief Financial Officer.
We had another strong quarter, delivering 6% organic revenue growth, driven by 10% organic growth in Risk & Broking and 4% in HWC. Adjusted operating margin expanded 190 basis points year-over-year to 18.1%, driven by operating leverage, continued cost discipline and the success of our Transformation program.
Taken together, this resulted in adjusted diluted earnings per share of $2.93, a 31% increase versus the third quarter of 2023. We also generated free cash flow of $807 million for the nine months ended September 30th, up 14% year-over-year.