Aon Plunges as 1Q EPS Misses

Shares of Aon Corp (AOC) plunged more than 12% so far today after the company reported first-quarter earnings of 76 cents per share, 14 cents behind the consensus estimate.

Revenue for the quarter dipped 3% to $1.9 billion in the face of a 10% decrease from foreign currency translation and a 44% drop in investment income. However, organic revenue increased 1%.

The company indicated that its 2007 restructuring program is expected to deliver costs-savings of about $240 million to $265 million in 2009 and $370 million the following year.

The full-year consensus forecast for Aon has dropped by a penny to $3.37 per share in the last week.

Aon is trading on high volume of 12 million shares, against the daily average of 4.4 million.

The company is a Zacks #3 Rank ("Hold").

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