Stewart Q2 revenue $549.2M, net income $15.8M; both down sharply YoY

STEWART INFORMATION SERVICES CORP

2023-Q2 EPS reported $0.28 revenue$1,073,456,000

Total revenues $549.2M, down 35% from $844.1M in Q2 2022; adjusted revenue $550.3M.
Net income $15.8M ($0.58 diluted EPS) vs $61.7M ($2.26) prior year; adjusted net income $18.9M ($0.69).
Title segment operating revenues $466.7M, down 39% YoY; pretax margin 7.4% vs 12.3%.
CEO cites elevated mortgage interest rates (~7%) suppressing transaction volumes.
Company maintaining cost discipline while investing in long-term resilience strategies.

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 1.0

STEWART INFORMATION SERVICES CORP reported the three months ended June 30, 2023 results: revenue $549.2 million, net income $15.8 million, EPS $0.58.

Period: the three months ended June 30, 2023
Revenue: $549.2 million
Net income: $15.8 million
EPS: $0.58
Result: reported results

Exact text from the filing

Stewart Reports Second Quarter 2023 Results Total revenues of $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 of $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 of $0.58 ($0.69 on an adjusted basis) compared to prior year quarter diluted EPS of $2.26 ($2.58 on an adjusted basis)

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Source: SEC EDGAR

accession 0000950170-23-034737

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