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Irvine-based Standard Pacific Corp. saw its stock fall by about 10% in early trading on Friday, despite a third-quarter earnings report that saw a sizeable year-over-year increase in earnings and revenue.

The company, Orange County’s largest publically-traded homebuilder, posted third quarter revenue from home sales of $317.4 million, a 31% increase from a year ago, and third quarter net income of $21.7 million, compared to a loss of $6.4 million a year ago.

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Analysts had expected higher earnings, in the $30 million range, for the latest results. That pushed the company’s stock down by about 10% in early trading Friday.

The company counts a market value of about $2.4 billion, factoring in preferred shares.

Standard Pacific delivered 861 new homes last quarter, up 24% from a year ago. The average price for a new home sold by the company is $369,000, up 7%.

“We are pleased that the positive momentum we experienced during the first half of 2012 continued into the third quarter,” Chief Executive Scott Stowell said.