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.”
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