:max_bytes(150000):strip_icc()/GettyImages-2158012293-322f8bae2a704a56bdaa906d948b2e76.jpg "Marsh & McLennan Stock Slips After Its Sales, Earnings Miss Estimates")
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Key Takeaways
- Marsh McLennan reported second-quarter earnings and sales below Wall Street’s estimates.
- Revenue grew in both the company’s insurance and consulting divisions.
- The company’s shares fell Thursday, but remain up some 15% this year.
Marsh & McLennan Cos, (MMC) reported second-quarter sales and earnings that missed Wall Street’s estimates before the opening bell Thursday, sending the professional services firm’s shares lower.
The company posted earnings per share (EPS) of $2.27 on revenue of $6.2 billion, compared to analysts’ expectations of $2.36 per share on revenue of $6.3 billion, according to Visible Alpha.
Marsh & McLennan’s risk and insurance services arm brought in quarterly revenue of $4 billion, up 8% year-over-year, while consulting revenue improved 2% to $2.2 billion.
“We continued to invest in our talent and capabilities to deliver for clients,” CEO John Doyle said in a statement, citing “high quality acquisitions” and a recent dividend increase. “Our first half results leave us well positioned for another great year in 2024.”
Marsh & McLennan stock slid nearly 1% in Thursday trading. Year-to-date, the company’s share price is up more than 15%.