Stewart Q3 2023 Earnings Report

Stewart's Q3 2023 results reflected the continuing slowdown in real estate market activity due to the higher interest rate environment coupled with the normal seasonality of late summer.

Key Takeaways

Stewart Information Services Corporation reported a net income attributable to Stewart of $14.0 million, or $0.51 per diluted share, for Q3 2023, compared to $29.4 million, or $1.08 per diluted share, for Q3 2022. Total revenues were $601.7 million compared to $716.4 million in the prior year quarter.

Total revenues were $601.7 million ($603.7 million on an adjusted basis) compared to $716.4 million ($722.8 million on an adjusted basis) in the prior year quarter

Net income was $14.0 million ($23.9 million on an adjusted basis) compared to $29.4 million ($43.3 million on an adjusted basis) in the prior year quarter

Diluted EPS was $0.51 ($0.86 on an adjusted basis) compared to prior year quarter diluted EPS of $1.08 ($1.58 on an adjusted basis)

Third quarter 2023 pretax income before noncontrolling interests was $27.1 million ($40.0 million on an adjusted basis) compared to pretax income before noncontrolling interests of $45.5 million ($63.9 million on an adjusted basis) for the third quarter 2022

Previous year: -$150B

-13.7%