MARSH & McLENNAN COMPANIES REPORTS THIRD QUARTER 2018 RESULTS
Underlying Revenue Increases 5% for the Quarter and 4% for the First Nine Months of 2018
Nine Months GAAP EPS Rises 4% to $2.93 and Adjusted EPS Increases 14% to $3.26
Excluding Revenue Standard Impact, Nine Months EPS Grows 1% and Adjusted EPS Rises 10%
NEW YORK, October 25, 2018 - Marsh & McLennan Companies, Inc. (NYSE: MMC), a global professional services firm offering clients advice and solutions in risk, strategy and people, today reported financial results for the third quarter ended September 30, 2018.
Dan Glaser, President and CEO, said: "We are pleased with our performance for the third quarter and first nine months of the year. In the quarter, we produced excellent underlying revenue growth of 5% in both Risk & Insurance Services and Consulting, and adjusted EPS growth of 8% excluding the impact of the new revenue standard. For the first nine months of 2018, we achieved strong underlying revenue growth of 4% on a consolidated basis and 10% adjusted EPS growth excluding the impact of the new revenue standard. Given our solid performance in the first nine months of 2018, the Company is well positioned to deliver full year underlying revenue growth in the 3 to 5% range, as well as margin expansion and strong growth in earnings per share."
"The highlight of the quarter was our agreement to acquire Jardine Lloyd Thompson Group. JLT is a premier organization in our industry that we have admired for a long time. The combination of Marsh & McLennan and JLT will create innovative solutions for our clients, career opportunities for our colleagues, and value for our shareholders,” concluded Mr. Glaser.
Consolidated revenue in the third quarter of 2018 was $3.5 billion, an increase of 5% compared with the third quarter of 2017. On an underlying basis, revenue increased 5%. Net income attributable to the Company was $276 million. Operating income was $541 million while adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, decreased 5% to $535 million. Excluding the impact of the new revenue recognition standard, ASC 606, adjusted operating income rose 3%.
The following information was filed by Marsh Mclennan Companies, Inc. (MMC) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: MMC CIK: 62709 Form Type:10-Q Quarterly Report Accession Number: 0000062709-18-000039 Submitted to the SEC: Fri Oct 26 2018 12:33:30 AM EST Accepted by the SEC: Fri Oct 26 2018 Period: Sunday, September 30, 2018 Industry: Insurance Agents Brokers And Service