Investors Title Q3 net income $7.1M ($3.75 EPS), revenue down 21.3% YoY

INVESTORS TITLE CO

2023-Q3 EPS reported $8.37 revenue$171,067,000

Net income $7.1M ($3.75 diluted EPS) vs $7.9M ($4.17) prior year; revenue $61.4M, down 21.3%.
Title insurance revenues declined due to higher mortgage rates and housing inventory constraints.
Operating expenses decreased 22.3% due to lower agent commissions and personnel costs.
Adjusted income before taxes (non-GAAP) $9.4M, down 23.0% from $12.2M.
Nine-month net income $15.9M ($8.37 EPS) vs $16.4M ($8.63) prior year.

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 0.96

INVESTORS TITLE CO reported the nine months ended September 30, 2023 results: revenue $171.1 million, net income $15.9 million, EPS $8.37 per diluted share.

Period: the nine months ended September 30, 2023
Revenue: $171.1 million
Net income: $15.9 million
EPS: $8.37 per diluted share
Result: reported results

Exact text from the filing

For the nine months ended September 30, 2023, net income decreased $527 thousand to $15.9 million, or $8.37 per diluted share, versus $16.4 million, or $8.63 per diluted share, for the prior year period. Revenues decreased 21.5% to $171.1 million, compared with $217.9 million for the prior year period.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.96

INVESTORS TITLE CO reported the three months ended September 30, 2023 results: revenue $61.4 million, net income $7.1 million, EPS $3.75 per diluted share.

Period: the three months ended September 30, 2023
Revenue: $61.4 million
Net income: $7.1 million
EPS: $3.75 per diluted share
Result: reported results

Exact text from the filing

The Company reported net income of $7.1 million, or $3.75 per diluted share, for the three months ended September 30, 2023, compared to $7.9 million, or $4.17 per diluted share, for the prior year period. Revenues decreased 21.3% to $61.4 million, compared with $78.0 million for the prior year quarter

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INVESTORS TITLE CO filing history →

Source: SEC EDGAR

accession 0001157523-23-001625

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