First American Q1 revenue down 29% to $1.45B; EPS $0.44 vs $0.88 YoY

First American Financial Corp

2023-Q1 EPS reported $0.44 revenue$1,446,100,000

Total revenue $1.45B, down 29% YoY; diluted EPS $0.44 vs $0.88; adjusted EPS $0.49 excl. net investment losses.
Title Insurance pretax margin 6.5% (down from 11%); commercial revenues $148M, down 39%.
Direct title orders closed down 48% YoY; open orders 172,600 vs 279,000; average revenue per order up 15%.
Investment income $125M, up 136% due to higher rates; provision for policy losses reduced to 3.5% from 4.0%.
Bought back 555,524 shares for $30M; debt-to-capital 28.4%; CEO notes April open orders up 5%+ vs March.

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 0.95

First American Financial Corp reported the first quarter ended March 31, 2023 results: revenue $1,446.1, net income $45.9, EPS $0.44.

Period: the first quarter ended March 31, 2023
Revenue: $1,446.1
Net income: $45.9
EPS: $0.44
Result: reported results

Exact text from the filing

Total revenue $ 1,446.1 $ 2,033.7 Income before taxes $ 59.6 $ 129.8 Net income $ 45.9 $ 97.9 Net income per diluted share $ 0.44 $ 0.88

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Source: SEC EDGAR

accession 0001564590-23-006347

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