NEW YORK - Marsh McLennan (NYSE:MMC) reported third quarter earnings that beat expectations, but shares fell 1.28% as revenue came in slightly below estimates.
The global professional services firm posted adjusted earnings per share of $1.63, edging past the analyst consensus of $1.62. Revenue rose 6% year-over-year to $5.7 billion, just shy of the $5.7 billion analysts were expecting.
"This was a milestone quarter for Marsh McLennan as we delivered strong results and announced the acquisition of McGriff Insurance Services," said John Doyle, President and CEO. "Our performance demonstrated continued momentum, with 5% underlying revenue growth, 110 basis points of margin expansion and adjusted EPS growth of 4%, or 11% excluding a one-time tax benefit a year ago."
The Risk & Insurance Services segment saw revenue increase 8% to $3.5 billion, with Marsh revenue up 9% to $2.9 billion. Consulting revenue rose 3% to $2.3 billion.
For the first nine months of 2024, Marsh McLennan reported revenue of $18.4 billion, up 7% from the prior year period. Adjusted earnings per share increased 10% to $6.93.
The company said it remains on track for "another great year in 2024."
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.