NEW YORK (AP) — Marsh & McLennan Cos. said Wednesday that its second-quarter net income rose 18 percent, beating Wall Street expectations.
The New York-based company, which offers a range of human resources, management consulting, insurance and other services, said its profit totaled $388 million, or 69 cents per share, in the three months through June. That compares with $329 million, or 59 cents per share, in the same period a year ago.
Excluding one-time items, earnings came to 72 cents per share. Analysts expected 67 cents per share, according to FactSet.
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Revenue rose 2 percent, to $3.09 billion from $3.03 billion, but below analysts' prediction of $3.14 billion.
Revenue from the risk and insurance services division, which includes Marsh and Guy Carpenter, rose 3 percent to $1.7 billion, while operating income grew 8 percent to $421 million. Stripping out the effect of changes in currency values and acquisitions, sales growth was faster in the unit's international division than in the U.S. and Canada region.
The consulting unit, which includes Mercer and Oliver Wyman, posted revenue growth of 1 percent, to $1.4 billion, while operating income increased 12 percent to $205 million. Revenue for Oliver Wyman, the company's management consulting firm, declined 4 percent to $366 million, while sales rose 3 percent to $1.04 billion at health, retirement and HR consulting firm Mercer.
Shares were inactive in premarket trading. They've gained 22 percent this year.
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