(Marsh & McLennan beat analysts' expectations on adjusted earnings. "Marsh 3Q Net Profit Misses Views as Revenue Comes In Flat on Yr" incorrectly stated the company fell short. The corrected version follows.)
By Dieter Holger
Marsh & McLennan Cos.'s adjusted earnings beat Wall Street's expectations in the latest quarter, though sales were flat on the year.
The New York-based advisory firm said Thursday that net profit was $316 million, or 62 cents a share, in the third quarter. A year earlier, profit was $303 million, or 59 cents a share.
On an adjusted basis, profit was 82 cents a share. Analysts polled by FactSet had expected adjusted earnings of 73 cents per share.
Revenue was $3.97 billion in the quarter, flat on the year. Analysts had expected $3.83 billion. Marsh said revenue from its risk-and-insurance business grew 4% to $2.3 billion, while consulting revenue fell 5% to $1.7 billion.
Write to Dieter Holger at email@example.com
(END) Dow Jones Newswires
October 29, 2020 09:21 ET (13:21 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.