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Jun 30, 2023
Stewart Q2 2023 Earnings Report
Second quarter results reflected improved performance compared to the first quarter amidst an elevated interest rate environment, as the company focused on long-term strategies and cost discipline.
Key Takeaways
Stewart Information Services Corporation reported a decrease in total revenues to $549.2 million and net income to $15.8 million for Q2 2023, compared to $844.1 million and $61.7 million, respectively, in Q2 2022. The company's EPS also decreased to $0.58 from $2.26 in the prior year quarter. Despite the declines, the company saw improvements from Q1 and continued to focus on long-term strategies and cost management.
Total revenues decreased to $549.2 million ($550.3 million on an adjusted basis) compared to $844.1 million ($850.7 million on an adjusted basis) in the prior year quarter.
Net income decreased to $15.8 million ($18.9 million net income on an adjusted basis) compared to $61.7 million ($70.4 million on an adjusted basis) in the prior year quarter.
Diluted EPS decreased to $0.58 ($0.69 on an adjusted basis) compared to prior year quarter diluted EPS of $2.26 ($2.58 on an adjusted basis).
Second quarter results improved compared to the first quarter.
Stewart
Stewart
Forward Guidance
No specific forward guidance was provided in the release.