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Mar 31, 2020
First American Q1 2020 Earnings Report
First American's Q1 2020 earnings were reported, revealing a revenue increase of 8% compared to the previous year, driven by a surge in closed title orders, though net income was impacted by investment losses.
Key Takeaways
First American Financial Corporation reported a revenue increase of 8% to $1.4 billion for Q1 2020. Net income decreased to $63.2 million, or 55 cents per diluted share, compared to $109.6 million, or 97 cents per diluted share, in Q1 2019, impacted by net realized investment losses.
Total revenue increased by 8% year-over-year to $1.4 billion.
Net income was $63.2 million, or 55 cents per diluted share.
Closed title orders rose by 34%, fueled by a 144% increase in refinance orders.
The company repurchased 1.7 million shares for $65.8 million, averaging $38.64 per share.
First American
First American
First American Revenue by Segment
Revenue by Segment
Title Insurance and Services Revenue
CapyFin.com Forward Guidance
The company believes the adoption of digital title and closing processes will accelerate as a result of the pandemic.