- Marsh & McLennan Companies Inc (NYSE:MMC) shares are up Thursday following first quarter 2023 results, which surpassed Street expectations.
- MMC reported revenues of $5.92 billion, up 7% Y/Y, beating the consensus of $5.87 billion.
- Risk & Insurance Services revenue rose 10% Y/Y to $3.9 billion, led by a rise in revenues from Marsh and Guy Carpenter businesses.
- Consulting revenue increased 1% Y/Y to $2.0 billion on the increase in Mercer business revenues.
- Adjusted operating income rose 13% to $1.8 billion on growth across both segments, with margins expanding to 31.2% from 29.7% a year ago.
- Adjusted EPS rose 10% Y/Y to $2.53, above the consensus of $2.47.
- In April, Mercer Australia completed the acquisition of Advance Asset Management Limited and the merger of BT Super into the Mercer Super Trust.
- Cash and cash equivalents stood at $1.0 billion at the end of March 31, 2023.
- MMC repurchased shares worth $300 million in Q1.
- “Marsh McLennan is off to a strong start in 2023. For the first quarter, we generated 9% underlying revenue growth, grew adjusted EPS by 10%, and expanded our margin. We have momentum across our business and are well positioned for another good year..,” said John Doyle, President and CEO.
- Price Action: MMC shares are trading higher by 3.80% at $180.16 on the last check Thursday.
Why Is Air Products And Chemicals Stock Sinking Today?
Air Products & Chemicals Inc (NYSE: APD) reported Q1 2024 adjusted EPS of $2.82, down 7% YoY. Sales declined 5.6% YoY to $3 billion. Company lowered guidance.
