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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.

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