MMC Reports Quarterly Income Up

Income per share rose 26 cents, going from 29 cents a share for the third quarter of 2001 to 55 cents a share this year. For the nine months, MMC reported net income per share at $1.88 for 2002, compared to $1.44 in 2001.

Revenues totaled $2.55 billion, compared to $2.4 billion for the period in 2001, an increase of six percent. For the nine months, MMC reported a 3 percent increase in revenues to $7.8 billion for 2002, compared to $7.6 billion for the same period of 2001.

In the third quarter, revenues at insurance broker Marsh increased 17 percent to $1.43 billion for the three months, compared to $1.22 billion for 2001.

Operating income rose 39 percent, going from $240 million for the third quarter of 2001 to $334 million for 2002. For the nine months, revenues rose 14 percent, from $3.8 billion in 2001 to $4.34 billion.

Operating income over the same period rose 29 percent, going from $874 million in 2001 to $1.13 billion.

MMC said in a statement that the "comparisons are affected by the unusual circumstances of Sept. 11."

The companies investment arm, Putnam, continues to see declines due to the poor performance of the equity markets, the corporation said.

Putnam revenues decreased 15 percent for the third quarter, said MMC, going from $616 million in 2001 to $522 million. For the nine months, revenues dropped from $2 billion in 2001 to $1.69 billion in 2002.

MMC's consulting firm, Mercer, did see improvement, with revenues in the third quarter rising 5 percent to $600 million, compared to $572 million in 2001. For the nine months, revenues increased less than one percent, from $1.75 billion in 2001 to $1.76 billion in 2002.