NEW YORK - Marsh McLennan (NYSE: NYSE:MMC), a global professional services firm specializing in risk, strategy, and people, reported a solid start to the year with first-quarter earnings and revenue that surpassed Wall Street expectations.
The firm's share price responded modestly to the news, rising by 1.45%.
The company announced adjusted earnings per share (EPS) of $2.89, which was $0.09 higher than the analyst consensus of $2.80. Revenue for the quarter reached $6.47 billion, also exceeding the consensus estimate of $6.39 billion.
John Doyle, President and CEO, commented on the company's performance, stating, "We had a terrific start to the year, reflecting continued momentum across our business. For the quarter, we generated 9% underlying revenue growth, 14% adjusted EPS growth, and 80 basis points of margin expansion. With this strong start, we are well positioned for another good year in 2024."
Marsh McLennan's financial results showed a 9% increase in both GAAP and underlying revenue compared to the same quarter last year, indicating a robust performance across its operations. The Risk & Insurance Services sector saw a 9% rise in revenue on both a GAAP and underlying basis, while the Consulting segment also reported a 9% increase in revenue under the same measures.
The company's acquisitions, including the recent additions of SeaTec Consulting and two leading middle-market agencies in Louisiana, as well as Mercer's acquisition of Vanguard's U.S. Outsourced Chief Investment Officer (OCIO) business, demonstrate Marsh McLennan's strategic growth initiatives.
Looking ahead, Marsh McLennan's management remains focused on helping clients navigate a complex and dynamic environment, leveraging the dedication and expertise of their colleagues to sustain the company's momentum through 2024.
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