Thursday, October 30, 2008

FAF takes a dump

FAF announced 3rd quarter earnings this morning and announced an $8.9 million dollar loss (or -$.09 per share). Analysts were expecting a profit of $.40 a share! Talk about getting blown out of the water.

Revenue fell 26% percent from $1.51 billion from $2.05 billion in last year's third quarter.

Investment losses totaled $29.6 million, or 32 cents per share! WTF are they doing? This is not a mutual fund.

FAF's title and services segment eliminated about 1,250 jobs in the third quarter, which is expected to yield annual savings of nearly $66 million

The information solutions segment posted revenue of $515.2 million, a 10 percent decrease from $574.3 million in last year's third quarter.

FAF closed down -$1.24 (-5.85%) to close at $19.96.

The market had a good day and closed up 189 points.

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