NEW YORK – Marsh McLennan (NYSE: NYSE:), a global professional services firm specializing in risk, strategy, and people, reported a solid start to the year with first-quarter earnings and revenue that surpassed Wall Street expectations.
The firm’s share price responded modestly to the news, rising by 1.45%.
The company announced adjusted earnings per share (EPS) of $2.89, which was $0.09 higher than the analyst consensus of $2.80. Revenue for the quarter reached $6.47 billion, also exceeding the consensus estimate of $6.39 billion.
John Doyle, President and CEO, commented on the company’s performance, stating, “We had a terrific start to the year, reflecting continued momentum across our business. For the quarter, we generated 9% underlying revenue growth, 14% adjusted EPS growth, and 80 basis points of margin expansion. With this strong start, we are well positioned for another good year in 2024.”
Marsh McLennan’s financial results showed a 9% increase in both GAAP and underlying revenue compared to the same quarter last year, indicating a robust performance across its operations. The Risk & Insurance Services sector saw a 9% rise in revenue on both a GAAP and underlying basis, while the Consulting segment also reported a 9% increase in revenue under the same measures.
The company’s acquisitions, including the recent additions of SeaTec Consulting and two leading middle-market agencies in Louisiana, as well as Mercer (NASDAQ:)’s acquisition of Vanguard’s U.S. Outsourced Chief Investment Officer (OCIO) business, demonstrate Marsh McLennan’s strategic growth initiatives.
Looking ahead, Marsh McLennan’s management remains focused on helping clients navigate a complex and dynamic environment, leveraging the dedication and expertise of their colleagues to sustain the company’s momentum through 2024.
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