Originally published Wednesday, November 5, 2008 at 4:55 AM
PrintMarsh & McLennan swings to 3Q loss
Insurance broker Marsh & McLennan says it lost $8 million in the third quarter due in part to lower revenue in its risk consulting and technology business. Analysts had been expecting a profit.
Insurance broker Marsh & McLennan says it lost $8 million in the third quarter due in part to lower revenue in its risk consulting and technology business. Analysts had been expecting a profit.
New York-based Marsh & McLennan Cos. said Wednesday its loss amounted to 2 cents per share for the three months ended Sept. 30. That's a reversal from a profit of $1.95 billion, or $3.60 per share, a year ago when it had a big gain on the sale of Putnam Investments.
It says revenue edged up to $2.84 billion including a 2 percent decline from its risk consulting and technology business.
Marsh says its operating losses totaled 3 cents per share excluding one-time items. Thomson Reuters says analysts expected a profit of 32 cents per share.
Copyright © 2008 The Seattle Times Company
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