Marsh＆McLennan Companies Inc.（NYSE：MMC）张贴稳定的Q1 2025绩效，收入同比增长9％

Marsh＆McLennan Companies Inc.（NYSE：MMC）发布了一项可靠的Q1 2025年，收入同比增长9％，并受到风险和保险和咨询细分市场的坚实贡献的鼓舞。

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）的股票周四下跌，此前该公司的第一季度收益报告显示，利润压力和利息收入的迹象下降。

Here’s a summary of the report:

这是该报告的摘要：

* **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.

***收益和保证金表现：**调整后的每股收益上涨了5％，至3.06美元，其中包括有利的税收项目获得10美分的收益，以及从外汇效果中获得5美分的阻力。 GAAP EPS降低1％至2.79美元。调整后的营业收入增长了8％，至22亿美元，调整后的营业利润率为31.8％，同比同比下降20个基点，部分原因是季节性与McGriff的收购有关。

* **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%.

***风险和保险服务的强劲增长：**风险和保险服务部门的收入飙升了11％至48亿美元，或者在基础上飙升4％。经纪部门Marsh报告的收入增长了15％，达到35亿美元，而基本收入增长了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%.

***咨询业务可提供适度的增长：**咨询领域的收入增长了5％至23亿美元，或者在基础上增长4％。调整后的营业收入增加了8％，达到4.91亿美元。人力资源和投资咨询部门Mercer贡献了15亿美元，其健康部门上升了7％，财富增长了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.

***资本分配和资产负债表：** Marsh＆McLennan在第1季度以3亿美元的股份回购返回了股东。该公司还偿还了5亿美元的高级票据，并以16亿美元的现金余额结束。在整整一年中，它预计将在股息，股票回购和收购中部署45亿美元。

* **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：**由于利率较低，信托收入下降了1900万美元。全球财产保险费率下降了6％，总体保险价格下跌了3％。这将影响基于佣金的收入前景。

Here are a few more things to watch:

这里还有一些要观看的事情：

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

*尽管有积极的态度，Gurufocus还是为MMC标记了七个警告标志，这表明需要对估值和财务健康进行仔细审查。

* 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%.

*虽然MMC股票在收益发布后下跌，但随着时间的推移，股票获得了丰厚的回报。过去一年增长了12.99％，在过去三年中增长了35.39％。 140.29％的五年回报率远远超过标准普尔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.

*随着稳定的收入增长，多元化的业务线和良好的资本纪律，Marsh＆McLennan仍然是长期绩效的人，即使短期压力可能会对股票造成压力。

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