Marsh＆McLennan Companies Inc.（NYSE：MMC）張貼穩定的Q1 2025績效，收入同比增長9％

Marsh＆McLennan Companies Inc.（NYSE：MMC）發布了一項可靠的Q1 2025年，收入同比增長9％，並受到風險和保險和諮詢細分市場的堅實貢獻的鼓舞。

Marsh & McLennan (NYSE:MMC) shares dropped on Thursday after the company’s first-quarter earnings report showed signs of margin pressure and interest income decreased.

Marsh＆McLennan（NYSE：MMC）的股票週四下跌，此前該公司的第一季度收益報告顯示，利潤壓力和利息收入的跡像下降。

Here’s a summary of the report:

這是該報告的摘要：

* **Earnings and Margin Performance:** Adjusted EPS rose 5% to $3.06, including a 10-cent benefit from favorable tax items and a 5-cent drag from foreign exchange effects. GAAP EPS decreased 1% to $2.79. Adjusted operating income increased 8% to $2.2 billion, with an adjusted operating margin of 31.8%, a 20 basis point decrease year-over-year, partly due to seasonality linked to the McGriff acquisition.

***收益和保證金表現：**調整後的每股收益上漲了5％，至3.06美元，其中包括有利的稅收項目獲得10美分的收益，以及從外匯效果中獲得5美分的阻力。 GAAP EPS降低1％至2.79美元。調整後的營業收入增長了8％，至22億美元，調整後的營業利潤率為31.8％，同比同比下降20個基點，部分原因是季節性與McGriff的收購有關。

* **Strong Gains in Risk and Insurance Services:** The Risk and Insurance Services segment's revenue soared 11% to $4.8 billion, or 4% on an underlying basis. Marsh, the brokerage unit, reported a 15% surge in revenue to $3.5 billion, while underlying revenue grew by 5%.

***風險和保險服務的強勁增長：**風險和保險服務部門的收入飆升了11％至48億美元，或者在基礎上飆升4％。經紀部門Marsh報告的收入增長了15％，達到35億美元，而基本收入增長了5％。

* **Consulting Business Delivers Modest Growth:** Revenue from the Consulting segment rose 5% to $2.3 billion, or 4% on an underlying basis. Adjusted operating income increased 8% to $491 million. Mercer, the HR and investment advisory unit, contributed $1.5 billion, with its Health segment rising 7% and Wealth increasing by 3%.

***諮詢業務可提供適度的增長：**諮詢領域的收入增長了5％至23億美元，或者在基礎上增長4％。調整後的營業收入增加了8％，達到4.91億美元。人力資源和投資諮詢部門Mercer貢獻了15億美元，其健康部門上升了7％，財富增長了3％。

* **Capital Allocation and Balance Sheet:** Marsh & McLennan returned capital to shareholders with $300 million in share repurchases during Q1. The company also repaid $500 million in senior notes and ended the quarter with a cash balance of $1.6 billion. For the full year, it expects to deploy $4.5 billion across dividends, share repurchases, and acquisitions.

***資本分配和資產負債表：** Marsh＆McLennan在第1季度以3億美元的股份回購返回了股東。該公司還償還了5億美元的高級票據，並以16億美元的現金餘額結束。在整整一年中，它預計將在股息，股票回購和收購中部署45億美元。

* **Caution Flags and Outlook:** Fiduciary income dropped $19 million due to lower interest rates. Global property insurance rates decreased by 6%, and overall insurance prices fell by 3%. This will impact the outlook for commission-based revenue.

***警告旗和前景：**由於利率較低，信託收入下降了1900萬美元。全球財產保險費率下降了6％，總體保險價格下跌了3％。這將影響基於佣金的收入前景。

Here are a few more things to watch:

這裡還有一些要觀看的事情：

* Despite the positives, GuruFocus flagged seven warning signs for MMC, signaling the need for closer scrutiny of valuation and financial health.

*儘管有積極的態度，Gurufocus還是為MMC標記了七個警告標誌，這表明需要對估值和財務健康進行仔細審查。

* While MMC shares fell after the earnings release, the stock has delivered strong returns over time. It’s up 12.99% over the past year and 35.39% over the past three years. The five-year return of 140.29% far exceeds the S&P 500's 83.77%.

*雖然MMC股票在收益發布後下跌，但隨著時間的推移，股票獲得了豐厚的回報。過去一年增長了12.99％，在過去三年中增長了35.39％。 140.29％的五年回報率遠遠超過標準普爾500的83.77％。

* With steady earnings growth, diversified business lines, and strong capital discipline, Marsh & McLennan remains a long-term performer, even as short-term pressures may weigh on the stock.

*隨著穩定的收入增長，多元化的業務線和良好的資本紀律，Marsh＆McLennan仍然是長期績效的人，即使短期壓力可能會對股票造成壓力。

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