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Jun 30, 2021
Stewart Q2 2021 Earnings Report
Reported net income of $94.8 million and adjusted net income of $86.0 million, driven by strength in residential real estate and improving commercial business.
Key Takeaways
Stewart Information Services Corporation reported strong Q2 2021 results, with net income increasing to $94.8 million ($3.50 per diluted share) compared to $34.1 million ($1.44 per diluted share) in Q2 2020. Adjusted net income also saw significant growth, reaching $86.0 million ($3.17 per diluted share), a 165% increase from the prior year. The company's performance was driven by continued strength in residential real estate transaction activity and an improving commercial business.
Operating revenues increased by 58 percent compared to the prior year quarter, reaching $802.0 million.
Net income attributable to Stewart was $94.8 million ($3.50 per diluted share), compared to $34.1 million ($1.44 per diluted share) for the second quarter 2020.
Adjusted net income attributable to Stewart increased 165% to $86.0 million ($3.17 per diluted share) from $32.5 million ($1.37 per diluted share) in the prior year quarter.
Pretax income for the title segment increased by 129 percent, with a pretax margin improvement of 580 basis points to 16.7 percent.
Stewart
Stewart
Forward Guidance
No specific forward guidance was provided in the earnings report.