Investors Title Q3 net income $7.9M, down 46% YoY; revenue $78.0M

INVESTORS TITLE CO

2022-Q3 EPS reported $8.63 revenue$217,898,000

Net income $7.9M, diluted EPS $4.17, vs $14.5M and $7.63 in prior year quarter.
Revenue $78.0M, down 4.2% YoY, including $4.6M unrealized loss on equity portfolio.
Net premiums written fell 7.9%; escrow fees rose 54.4% and non-title services up 57.5%.
Income before taxes down 45.3% to $10.1M; non-GAAP (excl. equity fair value changes) down 23.5% to $14.7M.
Chairman cites rising mortgage rates softening real estate demand; growth initiatives partially offset impact.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

INVESTORS TITLE CO reported the three months ended September 30, 2022 results: revenue $78.0 million, net income $7.9 million, EPS $4.17 per diluted share.

Period: the three months ended September 30, 2022
Revenue: $78.0 million
Net income: $7.9 million
EPS: $4.17 per diluted share
Result: reported results

Exact text from the filing

Investors Title Company today announced results for the third quarter ended September 30, 2022. The Company reported net income of $7.9 million, or $4.17 per diluted share, for the three months ended September 30, 2022, compared to $14.5 million, or $7.63 per diluted share, for the prior year period. Revenues decreased 4.2% to $78.0 million, compared with $81.4 million for the prior year quarter.

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Source: SEC EDGAR

accession 0001157523-22-001532

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