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NEW YORK - On Thursday, Marsh McLennan (NYSE:MMC) reported second quarter adjusted earnings per share of $2.72, exceeding analyst estimates of $2.67, as the professional services firm saw revenue grow 12% to $7.0 billion compared to the same period last year.
Following the earnings release, MMC shares edged up 0.48%.
The company posted 4% underlying revenue growth, with adjusted operating income increasing 14% to $2.1 billion. Revenue beat the consensus estimate of $6.94 billion.
"We had another solid quarter with 12% revenue growth reflecting continued momentum across our business and the contribution from acquisitions," said John Doyle, President and CEO. "Our performance demonstrates the enduring value we provide to clients, as well as our consistent execution in a complex and dynamic environment."
The Risk & Insurance Services segment, which includes Marsh and Guy Carpenter, saw revenue increase 15% to $4.6 billion, or 4% on an underlying basis. Marsh’s revenue rose 18% to $3.8 billion, with U.S./Canada underlying revenue growing 4% and international operations up 7%. Guy Carpenter’s revenue increased 7% to $677 million.
Consulting revenue grew 7% to $2.4 billion, with Mercer (NASDAQ:MERC)’s revenue up 9% to $1.5 billion and Oliver Wyman’s revenue increasing 5% to $873 million. Wealth revenue at Mercer rose 2% on an underlying basis, while Health revenue increased 7%.
The company repurchased 1.4 million shares for $300 million during the quarter and recently announced a 10% increase in its quarterly dividend to $0.90 per share, payable on August 15.
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