Marsh & McLennan 1Q net income rises 19 pct
NEW YORK (AP) — Marsh & McLennan Cos. said Thursday its first-quarter net income rose 19 percent, helped by better results at its risk and insurance services business.
The New York-based consulting and professional services firm earned $413 million, or 74 cents per share, up from $347 million, or 63 cents per share, in the same quarter of 2012. Excluding one-time items and discontinued operations, the company earned 73 cents per share for the recent quarter.
Revenue rose 2 percent to $3.13 billion from $3.05 billion.
Its net income after adjusting for one-time items was 73 cents in the latest quarter.
The profit beat Wall Street predictions, while the revenue fell short. Analysts, on average, expected an adjusted profit of 69 cents per share on $3.18 billion in revenue, according to FactSet.
Risk and insurance services revenue rose 5 percent to $1.8 billion, while consulting revenue edged down 1 percent to $1.4 billion.
Marsh & McLennan shares rose 64 cents, or 1.7 percent, to $38.48 in late trading after hitting a 52-week high of $38.85 earlier in the day.