FAF - First American Financial GAAP EPS of $0.44 misses by $0.27 revenue of $1.4B misses by $130M

April, 27 2023 07:05 AM First American Corporation

2023-04-27 07:05:58 ET

First American Financial press release ( NYSE: FAF ): Q1 GAAP EPS of $0.44 misses by $0.27 .
Revenue of $1.4B (-31.0% Y/Y) misses by $130M .
Net investment losses of $7 million compared with $43 million of net investment losses last year
Title Insurance and Services segment investment income of $125 million, up 136 percent compared with last year
Title Insurance and Services segment provision for policy losses and other claims reduced to 3.5 percent of title premiums and escrow fees, down from the previous loss rate of 4.0 percent
Title Insurance and Services segment pretax margin of 6.5 percent
6.1 percent excluding net investment gains
Commercial revenues of $148 million, down 39 percent compared with last year
Home Warranty segment pretax margin of 15.3 percent
Debt-to-capital ratio of 28.4 percent, or 20.1 percent excluding accumulated other comprehensive loss of $756 million and secured financings payable of $503 million
Repurchased 555,524 shares for a total of $30 million at an average price of $54.75

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