Marsh & McLennan Companies Inc. (MMC), a global professional services firm offering clients advice and solutions in risk, strategy and people, reported a profit for the first quarter that was flat with last year, while revenues increased 4 percent. However, both revenue and adjusted earnings per share beat analysts' estimates.
First-quarter net income attributable to the company was $481 million or $0.91 per share, compared with $482 million or $0.88 per share in the prior year.
Adjusted earnings per share for the quarter were $0.92, compared to $0.91 per share in the year-ago period. On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.88 per share for the quarter. Analysts' estimates typically exclude special items.
Consolidated revenue for the quarter rose 4 percent to $3.34 billion from $3.22 billion last year. Wall Street expected revenues of $3.30 billion.
The company said that Mercer has signed an agreement with RiskFirst to offer the risk management platform PFaroe to clients and pension schemes.
PFaroe is a web-based platform allowing defined benefit or DB pension schemes direct access to a broad range of analytics for the purpose of evaluating the risks affecting their schemes and performing real-time scenario stress testing.
For those clients seeking access to the analytics the platform provides, Mercer will use PFaroe to support their consulting work across all disciplines of defined benefit pensions - retirement planning, investment consulting and fiduciary management - to provide a holistic and cohesive solution.
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