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Marsh & McLennan (MMC) 4Q Earnings Rise 8.4 Pct, In Line With Estimates

 February 12, 2013 09:23 AM
 


(By Balaseshan) Marsh & McLennan Companies Inc. (NYSE: MMC) reported a 8.4% rise in quarterly earnings on higher revenue. Revenue missed, while adjusted earnings came in line with Street's expectations.

Earnings from continuing operations for the fourth quarter were $265 million or $0.47 per share, compared to $244 million or $0.44 per share last year. Adjusted earnings per share (EPS) rose to $0.52 from $0.46.

Revenue in the fourth quarter was $3.00 billion, an increase of 3% on both a reported and underlying basis from the previous year.

Analysts, on average, polled by Thomson Reuters had expected a profit of $0.52 per share on revenue of $3.01 billion for the fourth quarter.

[Related -Dividend Roundup: MMC, SLG, WDR, SPRD, SCHL, GSBC]

Risk and Insurance Services segment revenue was $1.6 billion, an increase of 3%, or 2% on an underlying basis. Consulting segment revenue was $1.4 billion, an increase of 3% on both a reported and underlying basis.

Total Marsh revenue rose 4% to $1.42 billion, while total Mercer revenue increased 7%.

At the end of 2012, cash and cash equivalents was $2.3 billion, compared with $2.1 billion at the end of 2011. Net debt, which is total debt less cash and cash equivalents, was $617 million, compared with $815 million at the end of 2011.

MMC closed Monday's regular session at $36.35. The stock has been trading between $30.74 and $36.93 for the past 52 weeks.

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