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Aon Posts Gains, Misses Street's Outlook

Aon reports a 28% boost in first-quarter earnings, but drastically misses Wall Street's expectations.

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(AON) - Get Aon Plc Class A Report

reported on Friday a 28% boost in first-quarter earnings, but drastically missed Wall Street's expectations.

The company was off projections by 12 cents, sending shares tumbling 12% to $36.91 at the bell.

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During the quarter, Aon earned $280 million, or 97 cents a share, compared with $218 million, or 68 cents a share, a year ago.

Excluding one-time items, the company earned 76 cents a share.

Revenue slipped 3% to $1.85 billion from $1.91 billion last year, hurt by a stronger dollar and decline in investment income.

The company said it saved $45 million from restructuring during the quarter, and expects to pare expenses by between $273 million and $306 million this year.

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