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Mar 31, 2024
Stewart Q1 2024 Earnings Report
Stewart's financial performance improved compared to Q1 2023, reflecting ongoing real estate market challenges and strategic investments.
Key Takeaways
Stewart Information Services Corporation reported a net income attributable to Stewart of $3.1 million ($0.11 per diluted share) for Q1 2024, compared to a net loss of $8.2 million ($0.30 loss per diluted share) for Q1 2023. Adjusted net income for Q1 2024 was $4.6 million ($0.17 per diluted share) compared to net income of $0.2 million ($0.01 per diluted share) in Q1 2023.
Net income attributable to Stewart was $3.1 million, or $0.11 per diluted share, compared to a net loss of $8.2 million, or $0.30 loss per diluted share, for the first quarter 2023.
Adjusted net income was $4.6 million, or $0.17 per diluted share, compared to $0.2 million, or $0.01 per diluted share, in the first quarter 2023.
Commercial revenues increased compared to the prior year, offsetting residential volume declines.
The company remains focused on strategic investments and cost discipline.
Stewart
Stewart
Forward Guidance
The company expects the higher interest rate environment to continue for several quarters and anticipates ongoing challenges to residential transaction volumes.
Positive Outlook
- Strategic investments
- Cost discipline
- Increase in commercial revenues
- Focus on long-term enterprise initiatives
- Creating a stronger and more resilient company
Challenges Ahead
- Continuing challenges in the real estate market
- Higher interest rate environment
- Ongoing challenges to residential transaction volumes
- Residential volume declines in direct and agency title operations
- Lower average fee per file compared to the prior year quarter