Fidelity National Financial (FNF) Tops Q2 EPS by 4c, Revenues Beat
Fidelity National Financial (NYSE: FNF) reported Q2 EPS of $0.86, $0.04 better than the analyst estimate of $0.82. Revenue for the quarter came in at $2.1 billion versus the consensus estimate of $2.07 billion.
- Total revenue of approximately $2.1 billion in the second quarter versus $2.1 billion in the second quarter of 2017
- Second quarter net earnings of $251 million and adjusted net earnings of $239 million versus net earnings from continuing operations of $176 million and adjusted net earnings from continuing operations of $188 million for the second quarter of 2017
- Second quarter diluted EPS of $0.90 and adjusted diluted EPS of $0.86 versus diluted EPS from continuing operations of $0.64 and adjusted diluted EPS from continuing operations of $0.68 in the second quarter of 2017
"The second quarter was a very strong performance for our title business, as we generated adjusted pre-tax title earnings of $338 million and a 17.1% adjusted pre-tax title margin, our best quarterly performance on both metrics in 15 years," said Chairman William P. Foley, II. "We are encouraged to see the single-digit growth in orders in both the residential purchase and commercial markets offsetting the double-digit decline in orders in the residential refinance market and feel our title business is well positioned to continue to deliver strong financial results through the remainder of 2018.
"We continue to work through the regulatory process related to the Stewart Information Services acquisition that we announced on March 19. On May 31, we received the expected Second Request from the FTC, asking for additional information and documentary material related to their HSR regulatory review of the transaction. We remain engaged in document collection and review and have been working cooperatively with the FTC to fully respond to the Second Request. The other significant filings are the Form A filings with the states of Texas and New York, both of which are now subject to review by those states. We continue to believe the Stewart acquisition will create meaningful long-term value for our shareholders."
For earnings history and earnings-related data on Fidelity National Financial (FNF) click here.
