Marsh (NYSE:MRSH) reported first-quarter results on Thursday that came in ahead of analyst expectations, lifting its shares by 2.24% in pre-market trading.
The global risk and consulting firm posted adjusted earnings per share of $3.29, exceeding the consensus estimate of $3.24 by $0.05.
Revenue reached $7.6 billion, surpassing forecasts of $7.42 billion and marking an 8% increase from $7.1 billion in the same period last year, or 4% growth on an underlying basis.
“We had a solid start to the year, and I am pleased with our execution in a dynamic and challenging environment,” said John Doyle, President and CEO. “For the quarter, we generated 8% overall revenue growth, 4% underlying revenue growth, 8% adjusted operating income growth, and 8% adjusted EPS growth.”
Revenue from Risk & Insurance Services totaled $5.1 billion, up 6% year on year, or 3% on an underlying basis.
Within the segment, Marsh Risk generated $3.7 billion in revenue with 4% underlying growth, while Guy Carpenter contributed $1.2 billion with 2% underlying growth.
Consulting revenue rose 11% to $2.6 billion, representing 5% growth on an underlying basis.
GAAP operating income declined 12% to $1.8 billion, reflecting a $425 million charge tied to Greensill-related litigation. Adjusted operating income, excluding one-off items and amortization, increased 8% to $2.4 billion.
During the quarter, the company repurchased approximately 4.2 million shares for $750 million.