Investors Title posts Q2 net income of $7.6M, up from $2.3M; revenue down 18% to $58.3M

INVESTORS TITLE CO

2023-Q2 EPS reported $4.62 revenue$109,657,000

Net income $7.6M ($4.00 diluted EPS) vs $2.3M ($1.20) a year ago; EPS more than tripled.
Revenue fell 17.8% to $58.3M, driven by lower title insurance volume amid higher mortgage rates.
Operating expenses decreased 28.7% due to lower agent commissions, personnel, and other costs.
Non-GAAP adjusted pre-tax income (excl. investment gains) declined 33.1% to $8.8M from $13.1M.
Year-to-date net income $8.8M ($4.62/sh) vs $8.5M ($4.45/sh) on revenue down 21.6%.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

INVESTORS TITLE CO reported three months ended June 30, 2023 results: revenue $58.3 million, net income $7.6 million, EPS $4.00.

Period: three months ended June 30, 2023
Revenue: $58.3 million
Net income: $7.6 million
EPS: $4.00
Result: reported results

Exact text from the filing

The Company reported net income of $7.6 million, or $4.00 per diluted share, for the three months ended June 30, 2023, compared to $2.3 million, or $1.20 per diluted share, for the prior year period. Revenues decreased 17.8% to $58.3 million

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Source: SEC EDGAR

accession 0001157523-23-001266

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