Fidelity National Financial Profits Slide

The fall reflects a tax charge.
Author:
Publish date:

Fidelity National Financial

(FNF) - Get Report

said fourth-quarter earnings fell 34% from a year ago due to an increased tax expense, which almost doubled because of an additional charge on a share distribution.

The provider of title insurance and other financial services earned $115.2 million, or 64 cents a share, compared with $174.9 million, or 98 cents, a year ago.

Adjusted for the tax charge of $100 million on the distribution of shares of its subsidiary Fidelity National Title Group, earnings were $1.20 a share in the most recent quarter. Analysts surveyed by Thomson First Call were expecting earnings of 95 cents a share for the same period.

Fourth-quarter revenue rose 16% to $2.43 billion, beating analysts' estimates of $2.32 billion. For the full year, revenue was $9.67 billion, while earnings were $964.1 million, or $5.43 cents a share.

This story was created through a joint venture between TheStreet.com and IRIS.