No, if time runs out that player loses. If ratings are impacted depends on a couple of factors; number of moves made, whether or not it is a tournament game, or if the player is considered to have abandoned the site.
See the following support article for details:
http://support.chess.com/Knowledgebase/Article/View/19/3/the-game-ended-and-my-rating-didnt-change-at-all-why
In Online Chess, when time runs out for the other player, do we get both a Win and points?
I've had situations when time ran out for the other player and I got the Win but not any points.