Shares of Aon Corp. tumbled more than 13 percent Friday after the Chicago-based insurance brokerage reported earnings that came up short of Wall Street projections.
The company said net income rose 28 percent, to $280 million, or 97 cents per share, compared with $218 million, or 68 cents per share, a year earlier. Net income from continuing operations, excluding one-time items, increased 9 percent, to 76 cents per share from 70 cents per share a year ago.
But analysts polled by Thomson Reuters had forecast, on average, profits of 88 cents per share for the quarter.
Aon’s shares fell $5.82, or 13.8 percent, to $36.38.
Investors reacted negatively because Aon has beat profit forecasts in several recent quarters, said Clifford Gallant, a stock analyst at Keefe Bruyette & Woods.
“People get used to that,” Gallant said.
