Stewart reports Q1 net loss of $8.2M; revenue down 39% YoY to $524.3M

STEWART INFORMATION SERVICES CORP

2023-Q1 EPS reported -$0.30 revenue$524,305,000

Total revenues $524.3M vs $852.9M in Q1 2022, down 39%.
Net loss attributable to Stewart $8.2M ($0.30 diluted loss per share) vs net income $57.9M ($2.11 EPS) a year ago.
Adjusted net loss $6.8M ($0.25 diluted loss per share) vs adjusted net income $55.8M ($2.03 EPS).
Title segment operating revenues fell 37% to $456.9M; pretax loss $0.7M vs pretax income $82.8M.
CEO cites historically low transaction volumes and elevated interest rates as key headwinds.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

STEWART INFORMATION SERVICES CORP reported the three months ended March 31, 2023 results: revenue $524.3 million, net income $8.2 million, EPS $0.30.

Period: the three months ended March 31, 2023
Revenue: $524.3 million
Net income: $8.2 million
EPS: $0.30
Result: reported results

Exact text from the filing

Stewart Reports First Quarter 2023 Results Challenging real estate environment continued through the first quarter 2023, including a historically low level of existing homes sales Total revenues of $524.3 million ($526.1 million on an adjusted basis) compared to $852.9 million ($815.0 million on an adjusted basis) in the prior year quarter Net loss of $8.2 million ($6.8 million net loss on an adjusted basis) compared to net income of $57.9 million ($55.8 million on an adjusted basis) in the prior year quarter Diluted loss per share of $0.30 ($0.25 diluted loss per share on an adjusted basis) compared to prior year quarter diluted earnings per share of $2.11 ($2.03 on an adjusted basis)

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Source: SEC EDGAR

accession 0000950170-23-014877

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