Marsh & McLennan's (MMC Quote) second-quarter net income dropped sharply from a year ago, but the financial services firm said its adjusted profit topped Wall Street's estimates.
For the second quarter ended June 30, consolidated revenue rose 2% to $3.1 billion. Net income was $166 million, or 31 cents a share, compared with $389 million, or 73 cents a share, last year. Excluding items, earnings per share would have been 43 cents in the quarter, 2 cents ahead of the mean estimate carried by Thomson First Call.
"Although much of our focus has been on the restructuring and turnaround at Marsh, we have made significant strides across all of MMC's businesses to position the company for long-term profitable growth," the New York-based company said in a press release. ...
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