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First American Financial Reports Results For The Fourth Quarter And Full Year Of 2013

First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, today announced financial results for the fourth quarter and year ended Dec. 31, 2013.

Current Quarter Highlights
  • Total revenues down 4 percent compared with last year
    • Closed orders per day down 35 percent, driven by 61 percent decline in refinance orders
    • Average revenue per direct order up 34 percent due to higher purchase and commercial mix
  • Title Insurance and Services segment pretax margin of 7.8 percent
  • Commercial revenues of $175.7 million, up 12 percent compared with last year
  • Specialty Insurance segment pretax margin of 17.0 percent
  • Cash flow from operations of $132.6 million
  • Signed definitive agreement to acquire Interthinx, Inc. for $155 million on Feb. 5, 2014
    • Expected to close by March 31, 2014
Selected Financial Information

($ in millions, except per share data)

For the Three Months EndedDecember 31


For the Full Year EndedDecember 31
2013         2012         2013         2012
Total revenues $ 1,219.9         $ 1,276.8 $ 4,956.1         $ 4,541.8
Income before taxes 84.8 147.7 310.7 467.4
Net income $ 51.6 $ 93.3 $ 186.4 $ 301.0
Net income per diluted share 0.48 0.85 1.71 2.77

Total revenues for the fourth quarter of 2013 were $1.2 billion, a decline of 4 percent relative to the fourth quarter of 2012. Net income in the current quarter was $51.6 million, or 48 cents per diluted share, compared with net income of $93.3 million, or 85 cents per diluted share, in the fourth quarter of 2012. The current quarter results include net realized investment gains of $2.4 million and impairment of equity investments of $7.8 million, which together reduced net income by 3 cents per diluted share. The fourth quarter of 2012 included net realized investment gains of $6.2 million, or 4 cents per diluted share.

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