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NEW YORK -On Thursday, Marsh McLennan (NYSE:MMC) reported first quarter earnings that beat analyst expectations.
The company’s shares fell -0.57% in premarket trading following the release.
The professional services firm posted adjusted earnings per share of $3.06, surpassing the consensus estimate of $3.03. Revenue grew 9% year-over-year to $7.06 billion, just shy of analysts’ projections of $7.09 billion.
Underlying revenue, which excludes the impact of foreign exchange and acquisitions, increased 4% compared to the prior year quarter.
"We had a solid start to the year with 9% revenue growth reflecting momentum across our business and the contribution from acquisitions," said John Doyle, President and CEO of Marsh McLennan.
The company’s Risk & Insurance Services segment saw revenue rise 11% to $4.76 billion, while Consulting revenue grew 5% to $2.31 billion.
Marsh McLennan’s adjusted operating income increased 8% to $2.24 billion. The adjusted operating margin contracted slightly to 31.8% from 32.0% in Q1 2024.
Following the earnings release, Marsh McLennan shares were up 0.42% in pre-market trading. The modest stock move suggests investors viewed the results as largely in-line with expectations despite the slight earnings beat.
The company repurchased 1.3 million shares for $300 million during the quarter. Marsh McLennan also repaid $500 million of senior notes that matured in March.
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