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191,23 EUR
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boerse.de-Analyse-Telegramm
vom 28. März 2024 Info.
NEW YORK –
Marsh & McLennan Companies, Inc. (NYSE: MMC), the world's leading professional services firm in the areas of risk, strategy and people, today reported financial results for the second quarter ended June 30, 2019.
Dan Glaser, President and CEO, said: "We are pleased with our second quarter results, which include Jardine Lloyd Thompson for the first time. We generated solid growth in underlying revenue and adjusted EPS while welcoming 10,000 new colleagues. In the quarter, consolidated underlying revenue grew 4%, adjusted operating income rose 19% to $894 million, adjusted EPS grew 7% to $1.18 and our overall adjusted margin expanded 150 basis points. We are tracking well against our plans and are excited about the long-term growth prospects for our combined firm."
"We delivered solid performance in the first half of 2019, with 4% underlying revenue growth, 9% adjusted EPS growth, and adjusted margin expansion of 160 basis points," concluded Mr. Glaser.
Consolidated Results
Consolidated revenue in the second quarter of 2019 was $4.3 billion, an increase of 16% compared with the second quarter of 2018. Underlying revenue grew 4% compared to a year ago. Underlying revenue growth is calculated as if MMC and JLT were a combined company a year ago, but excludes the impact of currency and other acquisitions, dispositions, and transfers among businesses. Operating income was $680 million compared with $691 million in the prior year. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 19% to $894 million. Net income attributable to the Company was $332 million, or $0.65 per diluted share, compared with $1.04 in the second quarter of 2018. Adjusted earnings per share rose 7% to $1.18 per diluted share compared with $1.10 for the prior year period.
For the six months ended June 30, 2019, consolidated revenue was $8.4 billion, an increase of 9%, or 4% on an underlying basis. Operating income was $1.6 billion, an increase of 1% from the prior year period. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 14% to $1.9 billion. Net income attributable to the Company was $1.0 billion. Fully diluted earnings per share was $2.05 compared with $2.38 in the first six months of 2018. Adjusted earnings per share increased 9% to $2.70 compared with $2.47 for the comparable period in 2018.
Risk & Insurance Services
Risk & Insurance Services revenue was $2.6 billion in the second quarter of 2019, an increase of 23%, or 3% on an underlying basis. Operating income rose 10% to $517 million and adjusted operating income was $641 million, an increase of 21% from the prior year period. For the six months ended June 30, 2019, revenue was $5.0 billion, an increase of 13%, or 4% on an underlying basis. Operating income rose 5% to $1.3 billion and adjusted operating income rose 13% to $1.4 billion.
Marsh's revenue in the second quarter was $2.2 billion, an increase of 4% on an underlying basis. In U.S./Canada, underlying revenue rose 5%. International operations produced underlying revenue growth of 2%, reflecting 7% underlying revenue growth in Asia Pacific, 4% in Latin America, and flat in EMEA. For the six months ended June 30, 2019, Marsh’s underlying revenue growth was 4%.
Guy Carpenter's revenue in the second quarter was $392 million, a decrease of 3% on an underlying basis. For the six months ended June 30, 2019, Guy Carpenter’s underlying revenue growth was 2%.
Consulting
Consulting revenue in the second quarter was $1.8 billion, an increase of 9%, or 5% on an underlying basis. Operating income increased 4% to $278 million and adjusted operating income increased 14% to $305 million. For the first six months of 2019, revenue was $3.5 billion, an increase of 5%, or 4% on an underlying basis. Operating income of $557 million increased 8% and adjusted operating income increased 16% to $596 million.
Mercer's revenue was $1.3 billion in the second quarter, an increase of 2% on an underlying basis. Wealth, with revenue of $613 million, was flat on an underlying basis. Health revenue of $458 million was up 4% on an underlying basis and Career revenue of $189 million increased 6% on an underlying basis. For the six months ended June 30, 2019, Mercer’s revenue was $2.4 billion, an increase of 1% on an underlying basis.
Oliver Wyman's revenue was $540 million in the second quarter, an increase of 13% on an underlying basis. For the first six months ended June 30, 2019, Oliver Wyman's revenue was $1.1 billion, up 10% on an underlying basis.
Other Items
On April 1, 2019, the Company completed the acquisition of Jardine Lloyd Thompson Group (JLT) for $5.6 billion in fully diluted equity value, and assumed existing JLT debt of approximately $1 billion. The Company repaid JLT’s $450 million revolving credit facility with proceeds from 2019 debt issuances. The remaining $550 million of senior notes assumed was refinanced in the quarter using cash on hand and an incremental $300 million one year term loan.
The second quarter results include costs related to the JLT acquisition of $150 million which is comprised of costs to close the transaction and related debt refinancing. Restructuring and integration costs related to JLT were $98 million in the quarter.
The Company repurchased 1.0 million shares of its common stock for $100 million in the second quarter. In May, the Board of Directors increased the quarterly dividend 10%, to $0.455 per share, effective with the third quarter dividend payable on August 15, 2019.
Conference Call
A conference call to discuss second quarter 2019 results will be held today at 8:30 a.m. Eastern time. To participate in the teleconference, please dial +1 888 204 4368. Callers from outside the United States should dial +1 323 794 2423. The access code for both numbers is 3870718. The live audio webcast will be accessible at mmc.com, and a replay will be available approximately two hours after the event.
About Marsh & McLennan Companies
Marsh & McLennan (NYSE: MMC) is the world’s leading professional services firm in the areas of risk, strategy and people. The Company’s 76,000 colleagues advise clients in over 130 countries. With annualized revenue approaching $17 billion, Marsh & McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses. Marsh advises individual and commercial clients of all sizes on insurance broking and innovative risk management solutions. Guy Carpenter develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities. Mercer delivers advice and technology-driven solutions that help organizations meet the health, wealth and career needs of a changing workforce. Oliver Wyman serves as a critical strategic, economic and brand advisor to private sector and governmental clients. For more information, visit mmc.com, follow us on LinkedIn and Twitter @mmc_global or subscribe to BRINK.
INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events or results, use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "intend," "plan," "project" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would."
Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements. Factors that could materially affect our future results include, among other things:
The factors identified above are not exhaustive. Marsh & McLennan Companies and its subsidiaries operate in a dynamic business environment in which new risks emerge frequently. Accordingly, we caution readers not to place undue reliance on any forward-looking statements, which are based only on information currently available to us and speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made.
Further information concerning Marsh & McLennan Companies and its businesses, including information about factors that could materially affect our results of operations and financial condition, is contained in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section and the "Management’s Discussion and Analysis of Financial Condition and Results of Operations" section of our most recently filed Annual Report on Form 10-K.
Marsh & McLennan Companies, Inc. Consolidated Statements of Income (In millions, except per share figures) (Unaudited) |
||||||||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
Revenue |
|
$ |
4,349 |
|
|
$ |
3,734 |
|
|
$ |
8,420 |
|
|
$ |
7,734 |
|
|
|
|
|
|
|
|
|
|
||||||||
Expense: |
|
|
|
|
|
|
|
|
||||||||
Compensation and Benefits |
|
2,537 |
|
|
2,135 |
|
|
4,819 |
|
|
4,359 |
|
||||
Other Operating Expenses |
|
1,132 |
|
|
908 |
|
|
1,983 |
|
|
1,776 |
|
||||
Operating Expenses |
|
3,669 |
|
|
3,043 |
|
|
6,802 |
|
|
6,135 |
|
||||
Operating Income |
|
680 |
|
|
691 |
|
|
1,618 |
|
|
1,599 |
|
||||
Other Net Benefit Credits |
|
70 |
|
|
65 |
|
|
134 |
|
|
131 |
|
||||
Interest Income |
|
2 |
|
|
3 |
|
|
30 |
|
|
6 |
|
||||
Interest Expense |
|
(141 |
) |
|
(68 |
) |
|
(261 |
) |
|
(129 |
) |
||||
Cost of Early Extinguishment of Debt |
|
(32 |
) |
|
— |
|
|
(32 |
) |
|
— |
|
||||
Investment Income |
|
8 |
|
|
28 |
|
|
13 |
|
|
28 |
|
||||
Acquisition Related Derivative Contracts |
|
(37 |
) |
|
— |
|
|
(8 |
) |
|
— |
|
||||
Income Before Income Taxes |
|
550 |
|
|
719 |
|
|
1,494 |
|
|
1,635 |
|
||||
Income Tax Expense |
|
206 |
|
|
183 |
|
|
423 |
|
|
403 |
|
||||
Net Income Before Non-Controlling Interests |
|
344 |
|
|
536 |
|
|
1,071 |
|
|
1,232 |
|
||||
Less: Net Income Attributable to Non-Controlling Interests |
|
12 |
|
|
5 |
|
|
23 |
|
|
11 |
|
||||
Net Income Attributable to the Company |
|
$ |
332 |
|
|
$ |
531 |
|
|
$ |
1,048 |
|
|
$ |
1,221 |
|
Net Income Per Share Attributable to the Company: |
|
|
|
|
|
|
|
|
||||||||
- Basic |
|
$ |
0.66 |
|
|
$ |
1.05 |
|
|
$ |
2.07 |
|
|
$ |
2.41 |
|
- Diluted |
|
$ |
0.65 |
|
|
$ |
1.04 |
|
|
$ |
2.05 |
|
|
$ |
2.38 |
|
Average Number of Shares Outstanding |
|
|
|
|
|
|
|
|
||||||||
- Basic |
|
507 |
|
|
507 |
|
|
506 |
|
|
507 |
|
||||
- Diluted |
|
512 |
|
|
512 |
|
|
511 |
|
|
513 |
|
||||
Shares Outstanding at June 30 |
|
507 |
|
|
505 |
|
|
507 |
|
|
505 |
|
JLT’s results of operations for the three months ended June 30, 2019 are included in the Company’s results of operations for the three- and six-month periods ended June 30, 2019. Prior periods in 2018 do not include JLT’s results.
Marsh & McLennan Companies, Inc.
Supplemental Information - Revenue Analysis
Three Months Ended June 30, 2019
(Millions) (Unaudited)
The Company conducts business in more than 130 countries. As a result, foreign exchange rate movements may impact period-to-period comparisons of revenue. Similarly, certain other items such as the revenue impact of acquisitions and dispositions, including transfers among businesses may impact period-to-period comparisons of revenue. Underlying revenue measures the change in revenue from one period to the next by isolating these impacts.
The calculation of underlying revenue growth for the three and six months ended June 30, 2019 includes the results of JLT. The column "2018 Including JLT" includes JLT's prior year revenue beginning April 1, 2018 (See reconciliation of non-GAAP measures on page 14). The decrease in revenue due to the disposal of JLT's aerospace business is reflected in the acquisitions/dispositions column beginning in June 2019. All other acquisitions/dispositions activity is included in the acquisitions/dispositions column.
|
|
|
|
|
|
|
|
|
|
Components of Revenue Change
|
|||||||||||||||||
|
|
Three Months
|
|
%
|
2018
|
|
% Change
|
|
Currency
|
|
Acquisitions/
|
|
Underlying
|
||||||||||||||
|
|
2019 |
|
2018 |
|
||||||||||||||||||||||
Risk and Insurance Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Marsh |
|
$ |
2,156 |
|
|
$ |
1,749 |
|
|
23 |
% |
$ |
2,102 |
|
|
3 |
% |
|
(3 |
)% |
|
2 |
% |
|
4 |
% |
|
Guy Carpenter |
|
392 |
|
|
332 |
|
|
18 |
% |
406 |
|
|
(4 |
)% |
|
(1 |
)% |
|
— |
|
|
(3 |
)% |
||||
Subtotal |
|
2,548 |
|
|
2,081 |
|
|
22 |
% |
2,508 |
|
|
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