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Sep 30, 2020
Fidelity National Financial Q3 2020 Earnings Report
Reported diluted EPS from continuing operations of $1.39 and adjusted diluted EPS from continuing operations of $1.48.
Key Takeaways
Fidelity National Financial reported strong Q3 2020 results, with total revenue of approximately $3.0 billion. The company's adjusted pre-tax title earnings reached a record $528 million, and the adjusted pre-tax title margin was 21.2%, the best since Q3 2003. F&G's entrance into the bank and broker dealer channel has surpassed expectations, contributing to strong sales results.
Total revenue of approximately $3.0 billion versus $2.2 billion in the third quarter of 2019.
Net earnings from continuing operations of $406 million and adjusted net earnings from continuing operations of $435 million.
Diluted EPS from continuing operations of $1.39 and adjusted diluted EPS from continuing operations of $1.48.
Total commercial revenue of $216 million, a 28% decline versus total commercial revenue in the third quarter of 2019.
Revenue by Segment
Forward Guidance
FNF is focused on consistent dividend growth, growing its business, and targeting $500 million of share repurchases over the next twelve months.
Positive Outlook
- Sequential improvement every month in closed orders per day
- Generated adjusted pre-tax title earnings of $528 million, a record quarter
- Adjusted pre-tax title margin of 21.2%, our best quarterly margin since the third quarter of 2003
- Refinance opened and closed orders on a daily basis increased 83% and 87%, respectively
- F&G team continues to execute against its growth strategy, producing strong sales results in the third quarter
Challenges Ahead
- Commercial revenue declined 28% compared to the prior year
- Decline in total commercial fee per file
- Weakness or adverse changes in the level of real estate activity
- Potential inability to find suitable acquisition candidates
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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