Marsh & McLennan Profits Fall 24%
NEW YORK (TheStreet) -- Marsh & McLennan's (MMC) - Get Report third-quarter earnings fell and missed analysts' estimates.
Marsh & McLennan said third-quarter net income fell by about 24% to $168 million, or 30 cents a share, from $221 million, or 41 cents a share, a year earlier. Adjusted third-quarter earnings were 27 cents a share for the consulting firm; the consensus estimate was 28 cents a share.
The latest third quarter included the impact of income tax expenses of $55 million.
Revenue rose to $2.5 billion from $2.4 billion a year ago. Revenue for the company's risk and insurance services segment increased 8% from a year earlier. Revenue for Marsh & McLennan's consulting segment grew by 5%.
Marsh & McLennan completed the sale of Kroll for $1.13 billion in August.
-- Written by Andrea Tse in New York.
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