Marsh & McLennan's 3Q net income surges 85 percent
NEW YORK (AP) — Consulting and professional services firm Marsh & McLennan Cos. said Tuesday that its third-quarter net income vaulted 85 percent, aided by higher revenue and a sharp drop in expenses from a year earlier.
The company reported net income of $241 million, or 44 cents per share, for the three months ended Sept. 30. That compares with net income of $130 million, or 24 cents per share, in the same period last year.
The prior-year quarter included a $72 million, or 9 cent per share, expense related to the early extinguishment of debt.
Marsh & McLennan said that adjusted for one-time items, its net income in the latest quarter rose 18 percent, amounting to 39 cents per share.
That still beat analysts' consensus forecast, which called for earnings of 38 cents per share, according to FactSet.
Total quarterly revenue rose 1.4 percent to $2.85 billion from $2.81 billion, reflecting improved sales growth at the company's consulting and risk and insurance segments. Analysts had been looking for $2.92 billion.
Marsh & McLennan also posted an investment loss of $4 million in the third quarter.
Its stock gained 65 cents, or almost 2 percent, to $34.90 in afternoon trading. The stock is up about 10 percent so far this year.