Old Republic's Net Loss Widened In First Quarter

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On April 22, 2009, Old Republic International(ORI Quote) reported that its net loss widened during Q1 FY09, hurt by a decline in operating revenues amid ongoing weakness in the company's housing-related mortgage guaranty and title insurance lines. Net loss for the quarter stood at $53.90 million, or $0.23 per share, compared with a loss of $19.00 million, or $0.08 per share, in Q1 FY08. The consensus estimate was for a loss of $0.33 per share.

Total revenue fell 7.7% to $878.50 million from $951.60 million a year ago. Furthermore, net premiums and fees earned dipped 8.2% to $777.40 million from $846.60 million, while net investment income inched down 1.9% to $93.40 million from $95.20 million. Meanwhile, other income shrunk 13.6% to $7.60 million from $8.80 million a year ago. ...