First American Earnings Slip

The quarter misses by 4 cents.
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First American

(FAF) - Get Report

said its first-quarter earnings fell 12%.

The Santa Ana, Calif.-based business information company earned $69.7 million, or 71 cents a share, in the quarter, compared with $79.2 million, or 83 cents a share, a year ago. Analysts polled by Thomson First Call were expecting earnings of 75 cents a share in the most recent quarter.

First-quarter revenue rose 17.5% to $2 billion as against analysts' expectation of $1.81 billion.

"We will continue our strategic plan of integrating and consolidating successful companies for profitable growth. We will continue to execute on our operational strategies such as developing analytics and technology solutions, centralization and offshore processing to enhance earnings and margins," the company said.

While revenue from financial services segment rose 18.5% from a year ago to $1.54 billion, revenue from the information technology segment rose 15.6% to $470.2 million.

Shares rose $2.36 to $41.41.

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