UPDATE: Marsh & McLennan Posts Better-Than-Expected Q2 Earnings
Marsh & McLennan Companies (NYSE: MMC) reported an 11% rise in its second-quarter profit.
The New York-based company posted its quarterly earnings of $431 million, or $0.77 per share, versus $388 million, or $0.69 per share, in the year-ago period. Excluding certain items, its adjusted earnings increased 10% to $0.79 per share.
Its revenue climbed 6.9% to $3.3 billion However, analysts were projecting earnings of $0.75 per share on revenue of $3.24 billion.
Marsh & McLennan's risk and insurance revenue climbed 6.1% to $1.79 billion, while consulting business revenue rose 7.8% to $1.52 billion.
The company repurchased 5 million shares for $250 million in the quarter.
President and CEO Dan Glaser said, "The Company delivered another quarter of excellent financial results. We produced revenue growth of 7% with underlying revenue growth of 5%. This was our strongest quarterly revenue performance in two years, with all operating companies contributing.”
Marsh & McLennan shares fell 0.54% to close at $51.15 yesterday.
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