NEW YORK (Thomson Financial) - Willis Group Holdings Ltd. reported late
Wednesday fourth-quarter net income fell to $95 million, or 66 cents a share,
from $148 million, or 94 cents a share, in the same period a year earlier.
Adjusted earnings for the period ended Dec. 31 was $93 million, or 64 cents
a share, compared with $157 million, or $1 a share, a year ago.
Fourth-quarter adjusted net income benefited from a $71 million tax credit.
Excluding this item, adjusted earnings were 64 cents a share, compared with 55
cents a share in the prior year.
The mean estimate of analysts polled by Thomson Financial was for earnings
of 59 cents a share for the quarter.
Total revenue for the period rose 3% to $639 million from last year's $621
million, missing the analyst forecast of $654.4 million.
The company continues to expect 2008 adjusted earnings of $2.85 to $2.95 a
share, compared with analyst expectations $2.91 a share.
The company sees 2009 adjusted earnings of $3.30 to $3.40 a share and a 2010
adjusted profit of $4 to $4.10 a share.
Separately, the company said its board has approved an increase of 4% in its
quarterly cash dividend to 26 cents a share, an annual rate of $1.04 a share.
The dividend will be paid on April 14 to shareholders of record on March 31.
The stock closed the regular session at $34.30.
Wanfeng Zhou
wz/gm
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