Marsh & McLennan Companies Inc., the nation’s largest insurance brokerage, on Thursday said its profits were flat in the second quarter on weakness in European sales and human resources consulting. The earnings were well below what Wall Street analysts had expected.
The New York-based brokerage said it earned $172 million (euro134.4 million), or 31 cents per share, in the April-June period, up slightly from the $166 million, or 31 cents a share, it reported a year earlier.
Special items cut second-quarter earnings by 5 cents a share, while stock options accounting reduced it by 3 more cents, the company said.
Revenue was $2.98 billion (euro2.33 billion), even with a year earlier.
Analysts surveyed by Thomson Financial had projected earnings of 44 cents a share, including stock-option expenses, on revenue of $2.99 billion (euro2.34 billion).