NYSE$AON
Aon plc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Aon reported strong operating results in the first quarter of 2024, with increases in total revenue, EPS, and adjusted EPS, alongside a decrease in operating margin.
Aon plc announced its first quarter 2024 results, reporting a 5% increase in total revenue to $4.1 billion, with organic revenue growth also at 5%. Diluted EPS rose by 6% to $5.35, and adjusted diluted EPS increased by 9% to $5.66. Operating margin decreased by 210 basis points to 36.0%, while adjusted operating margin increased by 100 basis points to 39.7%. Cash flows from operations were $309 million, and free cash flow decreased by 29% to $261 million.
- Total revenue increased 5% to $4.1 billion, driven by strong retention and new business generation.
- Adjusted diluted EPS grew 9% to $5.66, reflecting strong operating results.
- The acquisition of NFP was completed on April 25, 2024, with accretion and free cash flow benefit realization expected a year earlier.
- The company repurchased 0.8 million class A ordinary shares for approximately $250 million.
Headline financials
Revenue & EPS history
Aon · Revenue · Quarterly
$4.07B
Revenue by segment
Aon · $3.13B total across 4 segments · Q4 2022
- Commercial Risk$1.82B—58.1%
- Health$678M—21.6%
- Wealth$353M—11.3%
- Reinsurance$281M—9.0%
Forward guidance
Aon expects the acquisition of NFP to accelerate accretion and free cash flow benefit realization by a year. The company anticipates an unfavorable impact on adjusted operating income and EPS from foreign currency translation in the second quarter and full year 2024.
Tailwinds
- Accretion and free cash flow benefit realization from NFP acquisition now expected a year earlier than modeled.
- Moving faster to address client demand and create more opportunities for colleagues.
- Strengthening the long-term free cash flow profile of the firm.
- Enhancing long-term shareholder value creation.
- Anticipated continued strong operating results.
Headwinds
- Expected unfavorable impact of approximately $0.05 per share from foreign currency translation in Q2 2024.
- Expected approximately $15 million decrease in adjusted operating income from foreign currency translation in Q2 2024.
- Expected unfavorable impact of approximately $0.03 per share from foreign currency translation for full year 2024.
- Expected approximately $9 million decrease in adjusted operating income from foreign currency translation for full year 2024.
- Potential for volatility in tax rate due to various factors including global tax proposals.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
-0.6%
Avg return
Earnings day
-1.2%
Avg return
5 days after
+1.4%
Avg return
30 days after
33%
11 / 33 earnings
Positive
+5.1%
Q1 2021
Best reaction
-9.4%
Q1 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.0% | -1.1% | +1.3% | |
| Q4 2025 | +2.0% | +2.1% | -2.2% | |
| Q3 2025 | +3.8% | +4.1% | +7.8% | |
| Q2 2025 | +4.6% | -0.4% | +5.2% | |
| Q1 2025 | -8.0% | -2.8% | -2.3% | |
| Q4 2024 | +0.3% | -1.1% | +4.0% | |
| Q3 2024 | -0.5% | +0.1% | +6.3% | |
| Q2 2024 | +0.0% | +0.8% | +12.0% | |
| Q1 2024 | +0.0% | -4.4% | -15.5% | |
| Q4 2022 | +0.0% | -0.5% | +2.7% | |
| Q3 2023 | -4.0% | -2.5% | +3.2% | |
| Q2 2023 | -5.1% | -4.1% | -1.5% | |
| Q1 2023 | -2.3% | -3.8% | -6.7% | |
| Q3 2022 | +2.4% | -1.1% | +8.8% | |
| Q2 2022 | -0.6% | -2.3% | -2.4% | |
| Q1 2022 | -9.4% | -8.1% | -11.4% | |
| Q3 2021 | -0.4% | -8.2% | -8.4% | |
| Q2 2021 | -1.4% | -1.7% | +8.1% | |
| Q1 2021 | +5.1% | +6.3% | +5.9% | |
| Q3 2020 | -1.5% | -1.8% | +10.6% | |
| Q2 2020 | -1.1% | -4.3% | -3.5% | |
| Q1 2020 | +3.2% | +2.6% | +14.1% | |
| Q3 2019 | -1.4% | +1.7% | +4.3% | |
| Q2 2019 | -1.2% | -3.9% | -3.9% | |
| Q1 2019 | +0.3% | -2.2% | -1.0% | |
| Q3 2018 | +1.6% | +4.1% | +7.5% | |
| Q2 2018 | -2.5% | -4.0% | -1.9% | |
| Q1 2018 | -0.4% | +0.9% | +0.1% | |
| Q3 2017 | -3.3% | -5.5% | -8.3% | |
| Q2 2017 | -0.0% | +0.9% | -0.1% | |
| Q1 2017 | +1.2% | +1.2% | +7.2% | |
| Q3 2016 | +2.7% | -0.8% | +5.0% | |
| Q2 2016 | -3.0% | -0.6% | -0.3% |
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