First American Sells Off

Shares decline.
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First American

(FAF) - Get Report

, a provider of business information and related products, said Thursday its third-quarter earnings fell 34%.

The Santa Ana, Calif.-based company earned $98.03 million, or $1 a share, in the quarter, compared with $149.12 million, or $1.51 a share, a year ago. Analysts polled by Thomson First Call were expecting earnings of $1.14 a share.

Third-quarter revenue fell marginally to $2.167 billion, down marginally from $2.168 billion in the year-ago period, as against analysts' expectation of $2.07 billion.

By segment, revenue from financial services fell marginally 1.07% from year ago to $1.68 billion and from IT segment it increased 7.38% from year ago to $505.29 million.

The company's shares were trading down $1.56, or 3.86%, at $38.83 Thursday.

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