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SMALL BUSINESS
Aon misses Wall Street forecast on lower revenue
AP
CHICAGO -Insurance broker Aon Corp. posted a higher third-quarter profit Friday but missed Wall Street expectations as its income from investments tumbled 69 percent.
Shares of Aon slid $2.44, or nearly 6 percent, to $38.76 in afternoon trading.
For the three months ending Sept. 30, the company earned $120 million, or 41 cents per share. That compared to $117 million or 40 cents per share for the prior year quarter.
Quarterly revenue fell to $1.81 billion, down from $1.85 billion last year, primarily due to lower investment income. Aon said its investment income fell to $28 million from $90 million last year.
Excluding one-time restructuring charges, the company earned 65 cents per share. On average, analysts polled by Thomson Reuters expected a profit of 66 cents per share on revenue of $1.85 billion.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-30 13:12:11
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