NEW YORK (TheStreet) -- Shares of Service Corp. (SCI) - Get Report were falling 5.1% to $28.17 with heavy trading volume Thursday after the funeral goods and services company missed analysts' estimates for earnings in the third quarter.
Service Corp. reported earnings of 23 cents a share for the third quarter, below analysts' estimates of 26 cents a share. Revenue fell 0.5% year over year to $714.5 million for the quarter, missing analysts' estimates of $732.21 million.
"Coming off a strong first half of 2015 benefiting from an elevated flu season, we expected the quarter over quarter earnings comparisons would be challenging in the back half of the year," President and CEO Tom Ryan said in a statement. "For the quarter, continued success in driving preneed cemetery sales production, growth in the non-funeral home channel, and shrinking our equity base was offset by lower funeral case volume, negative currency trends, and challenges in the financial markets."
Looking to the fourth quarter, Service Corp. expects earnings of 36 cents to 39 cents a share, compared to analysts' estimates of 39 cents a share. The company said it expects earnings of $1.24 to $1.36 a share for full year 2016, compared to analysts' estimates of $1.35.
About 4.9 million shares of Service Corp. were traded by 3:18 p.m. Thursday, compared to the company's average trading volume of about 1.2 million shares a day.