First American Financial (FAF) Q4 Earnings Top, Revenues Miss
Zacks Investment Research | Feb 14, 2019 08:59PM ET
First American Financial Corporation (NYSE:FAF) reported fourth-quarter 2018 operating income per share of $1.27, which outperformed the Zacks Consensus Estimate by 11.4%. Moreover, the bottom line improved 33.7%.
Growth in commercial business and rising investment income largely offset the decline in refinance transactions.
Behind the Headlines
Operating revenues of $1.4 billion declined 4.3% year over year and missed the Zacks Consensus Estimate by 3.5%
Net investment income grew 40% to $63.3 million,
Closed title orders declined 1%, attributable to 42% decline in refinance orders and a 9% decline in purchase orders.
Average revenue per order increased 17%, driven by the shift in mix to higher-premium purchase and commercial transactions.
Total expense of $1.3 billion decreased 1.8% year over year, attributable to decrease in premiums retained by agents and other operating expenses.
First American Financial Corporation Price, Consensus and EPS Surprise
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.