FirstMerit Corp. Q3 Income Drops 8%

(RTTNews) - FirstMerit Corp. (FMER) released earnings for third quarter that dropped compared to the same period last year.

The company said its bottom line declined to $57.06 million, or $0.34 per share. This was lower than $61.91 million, or $0.37 per share, in last year's third quarter.

Analysts had expected the company to earn $0.34 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 2.6% to $260.50 million. This was down from $267.36 million last year.

FirstMerit Corp. earnings at a glance:

-Earnings (Q3): $57.06 Mln. vs. $61.91 Mln. last year. -Earnings Decline (Y-o-Y): -7.8% -EPS (Q3): $0.34 vs. $0.37 last year. -EPS Decline (Y-o-Y): -8.1% -Analysts Estimate: $0.34 -Revenue (Q3): $260.50 Mln vs. $267.36 Mln last year. -Revenue Change (Y-o-Y): -2.6%