This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

First American Financial Reports Third Quarter 2013 Results

First American Financial Corporation (NYSE:FAF), a leading global provider of title insurance and settlement services for residential and commercial real estate transactions, today announced financial results for the third quarter ended Sept. 30, 2013.

Current Quarter Highlights
  • Total revenues up 8 percent compared with last year
  • Title Insurance and Services segment pretax margin of 10.3 percent
  • Residential title order mix continues to shift toward higher-premium resale transactions
    • Resale open orders per day up 16 percent compared with last year
    • Refinance open orders per day down 57 percent compared with last year
    • Refinance accounted for 47 percent of open orders compared with 70 percent last year
  • Commercial division revenues of $134.3 million, up 26 percent compared with last year
  • Specialty Insurance segment total revenues up 6 percent, with a pretax margin of 4.7 percent
  • Cash flow from operations of $87.4 million
  • Repurchased 2.2 million common shares for $47.1 million at an average price of $21.91 per share

Selected Financial Information

($ in millions, except per share data)

For the Three Months Ended

September 30,
2013                 2012
Total revenues $ 1,301.0                 $ 1,208.4
Income before taxes 107.0 155.9
Net income $ 63.9 $ 103.5
Net income per diluted share 0.59 0.95

Total revenues for the third quarter of 2013 were $1.3 billion, an increase of 8 percent relative to the third quarter of 2012. Net income in the current quarter was $63.9 million, or 59 cents per diluted share, compared with net income of $103.5 million, or 95 cents per diluted share, in the third quarter of 2012. The current quarter results include net realized investment losses of $7.0 million, or 4 cents per diluted share, compared with net realized investment gains of $47.3 million, or 27 cents per diluted share, in the third quarter of 2012. The third quarter of 2012 also benefited from $6.3 million of certain tax items that favorably impacted results by 6 cents per diluted share.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs