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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Marsh and McLennan Companies Inc | NYSE:MMC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-3.52 | -1.75% | 197.95 | 200.90 | 197.77 | 200.58 | 1,783,251 | 01:00:00 |
Professional-services firm Marsh & McLennan Companies Inc. on Thursday reported stronger-than-expected revenue growth for its fourth quarter, even as foreign currency swings ate into its growth abroad.
Marsh & McLennan is the parent of a number of companies, including the insurance-brokerage Marsh and consulting firm Mercer.
The company generates much of its revenue overseas, which has made it vulnerable to fluctuations in foreign currencies. Currency swings shaved 6% off its revenue growth in the quarter.
In all, for the period ended Dec. 31, profit rose to $375 million, or 71 cents a share, from $294 million, or 54 cents a share a year earlier.
Analysts polled by Thomson Reuters had forecast revenue of 71 cents a share.
The prior-year period included a $137 million debt-extinguishment cost, which affected the year-over-year comparison.
Revenue rose 2.8% to $3.34 billion, while analysts had expected revenue of $3.26 billion.
Core revenue, which excludes the impact of currency and acquisitions, grew 5%.
By that same measure, revenue in its risk and reinsurance business, grew 4%, with strong growth in Latin America and the Asia Pacific region.
Consulting revenue grew 5% on a core basis, driven by 8% growth in its health business and 7% growth in its talent business.
Shares of Marsh & McLennan, inactive premarket, are down 4.7% in 2016.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
(END) Dow Jones Newswires
February 04, 2016 08:25 ET (13:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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