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Sep 30, 2022
Stewart Q3 2022 Earnings Report
Reported a decrease in revenue and net income due to headwinds from increased mortgage interest rates.
Key Takeaways
Stewart Information Services Corporation reported a decrease in total revenues to $716.4 million compared to $836.7 million in the prior year quarter. Net income also decreased to $29.4 million ($1.08 per diluted share) compared to $88.7 million ($3.26 per diluted share) in the prior year quarter. The results reflect the impact of increased mortgage interest rates on the market.
Total revenues decreased to $716.4 million from $836.7 million in the prior year quarter.
Net income decreased to $29.4 million ($1.08 per diluted share) from $88.7 million ($3.26 per diluted share) in the prior year quarter.
The title segment's operating revenues decreased by 16% compared to the third quarter 2021, primarily due to volume declines in direct title and agency operations.
Real estate solutions segment operating revenues increased by 13% compared to the prior year quarter.
Stewart
Stewart
Stewart Revenue by Segment
Revenue by Segment
Real Estate Solutions Revenues Revenue
CapyFin.com Forward Guidance
Company is managing operations in a disciplined manner during these challenging times and will continue to invest opportunistically to build a stronger and more resilient company.