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Outsourcing Gains Help Hewitt Profits

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NU Online News Service, Jan. 30, 2004, 5:42 p.m. EST – Hewitt Associates L.L.C. says an acquisition and higher outsourcing revenue helped it double its profits in the fourth quarter of 2003.[@@]

The Lincolnshire, Ill., human resources firm is reporting $29.4 million in net income for the latest quarter on $550.7 million in revenue, up from $14.8 million in net income on $493.9 million in revenue for the fourth quarter of 2002.

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Revenue at outsourcing operations that Hewitt owned a year ago grew only 7%, and consulting revenue grew only 3%.

At the consulting unit, revenue from health and retirement consulting was up, but recruiting revenue and organizational consulting revenue were down, Hewitt says.