Aon Misses Wall Street Forecast On Lower Revenue

CHICAGO (AP) — 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.