Investors Title Q4 net income down 22.5% to $5.8M; full-year revenues fall 20.7%

INVESTORS TITLE CO

2023-FY EPS reported $11.45 revenue$224,750,000

Q4 net income $5.8M ($3.09 diluted EPS) vs $7.5M ($3.97) prior year, down 22.5%.
Q4 revenues $53.7M, down 18.0% from $65.5M, driven by lower title insurance volumes due to higher mortgage rates.
FY2023 net income $21.7M ($11.45 diluted EPS) vs $23.9M ($12.59), down 9.3%; revenues $224.8M down 20.7%.
Adjusted pre-tax income (non-GAAP) Q4 fell 13.8% to $3.5M; full-year fell 44.9% to $22.8M.
Chairman: rates peaked at 7.8% in Oct, fell to 6.6% by year-end; expects improved housing affordability in 2024.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.85

INVESTORS TITLE CO reported the fourth quarter and year ended December 31, 2023 results: net income net income decreased 22.5% to $5.8 million, or $3.09 per diluted share.

Period: the fourth quarter and year ended December 31, 2023
Net income: net income decreased 22.5% to $5.8 million, or $3.09 per diluted share
Result: reported results

Exact text from the filing

Investors Title Company (Nasdaq: ITIC) today announced results for the fourth quarter and year ended December 31, 2023.

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Source: SEC EDGAR

accession 0001157523-24-000227

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