ITIC Q1 2023 net income $1.2M ($0.62 EPS) from $6.2M ($3.25); revenue -25.6%

INVESTORS TITLE CO

2023-Q1 EPS reported $0.62 revenue$51,343,000

Net income of $1.2M ($0.62 diluted EPS) vs $6.2M ($3.25 diluted EPS) in Q1 2022.
Revenue fell 25.6% to $51.3M from $69.0M; title insurance revenues down 38.3%.
Operating expenses decreased 18.7% mainly due to $10.5M decline in agent commissions.
Provision for claims increased $892K due to lower favorable loss development.
Management cites higher mortgage rates and housing supply constraints weighing on volumes.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

INVESTORS TITLE CO reported the quarter ended March 31, 2023 results: revenue $51.3 million, net income $1.2 million, EPS $0.62 per diluted share.

Period: the quarter ended March 31, 2023
Revenue: $51.3 million
Net income: $1.2 million
EPS: $0.62 per diluted share
Result: reported results

Exact text from the filing

The Company reported net income of $1.2 million, or $0.62 per diluted share, compared with net income of $6.2 million, or $3.25 per diluted share, for the prior year period. Revenues decreased 25.6% to $51.3 million, compared to $69.0 million in the prior year period

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Source: SEC EDGAR

accession 0001157523-23-000749

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