Marsh & McLennan's Profit Falls on Strong Dollar -- Update

By Angela Chen 

Marsh & McLennan Cos. said its revenue fell 3% in the June quarter as the stronger dollar continued to weigh on results.

The New York-based professional-services firm generates more than half of its revenue outside of the U.S. At the end of 2014, 34% of its top line came from Europe.

Still, Chief Executive Dan Glaser said he was pleased with the performance "given the macro headwinds we are facing."

In the company's risk and insurance segment, the larger of its two businesses, revenue fell to $1.75 billion from $1.79 billion. The company's consulting business posted a revenue decrease to $1.49 billion from $1.52 billion.

In all, Marsh & McLennan reported a profit of $419 million, down from a profit of $431 million a year earlier. Per-share earnings were flat at 77 cents.

Excluding certain items, earnings rose to 80 cents a share from 79 cents.

Revenue fell to $3.23 billion from $3.3 billion the year earlier.

Analysts were looking for 79 cents in earnings per share and $3.35 billion in revenue.

Shares were inactive premarket and have risen about 1% this year.

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