Marsh & McLennan 3Q Profit Beats Expectations

NEW YORK (AP) — Marsh & McLennan Cos. said Wednesday it returned to profitability in the third quarter amid improving earnings in its risk and insurance services division and a decline in expenses.

Just as it did in the second quarter, the New York-based insurance broker and consulting firm was able to slash costs faster than its revenue declined during the quarter, helping it to post a better-than-expected profit.

Ongoing weakness in the global economy continued to hurt Marsh & McLennan's consulting and risk consulting and technology divisions.

Marsh & McLennan earned $221 million, or 41 cents per share, during the quarter ended Sept. 30. It lost $8 million, or 2 cents per share, during the same period last year.

Adjusted earnings, which exclude special charges like those tied to restructuring, totaled $273 million, or 48 cents per share, during the quarter.

Analysts polled by Thomson Reuters, on average, forecast earnings of 26 cents per share on revenue of $2.6 billion. Analysts do not always include special charges in their estimates.