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.