First American Financial (FAF) Tops Q2 EPS by 11c, Revenues Beat

First American Financial (NYSE: FAF) reported Q2 EPS of $1.37, $0.11 better than the analyst estimate of $1.26. Revenue for the quarter came in at $1.49 billion versus the consensus estimate of $1.47 billion.

• Total revenue of $1.5 billion, up 3 percent compared with last year
• Title Insurance and Services segment pretax margin of 15.3 percent
• Purchase revenues up 7 percent compared with last year
  • Average revenue per order up 7 percent
  • Closed orders per day unchanged
• Commercial revenues of $184.8 million, up 4 percent compared with last year
• Specialty Insurance segment total revenues up 4 percent, with a pretax margin of 8.4 percent
• Closed four acquisitions for an initial cash consideration of $53.2 million
• Cash flow from operations of $210.9 million

“The company’s performance this year continues to be strong, as demonstrated by the 15.3 percent pretax title margin we achieved in the second quarter,” said Dennis J. Gilmore, chief executive officer at First American Financial Corporation. “Our purchase and commercial businesses more than offset the impact of the decline in refinance transactions, resulting in revenue growth of 3 percent this quarter. These favorable conditions, combined with prudent management of our investment portfolio and our bank, discipline in our underwriting process, and efficient management of our cost structure, position us well as we enter the second half of 2018.”

For earnings history and earnings-related data on First American Financial (FAF) click here.

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