First American Financial Reports First Quarter 2014 Results

—Reports Earnings of 20 Cents per Diluted Share—

April 24, 2014, Santa Ana, Calif.

First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, today announced financial results for the first quarter ended March 31, 2014.

Current Quarter Highlights

  • Total revenues down 12 percent compared with last year
    • Refinance closed orders down 64 percent
  • Title Insurance and Services segment pretax margin of 4.6 percent
  • Title order mix shifting to higher-premium purchase transactions
    • Refinance transactions accounted for 42 percent of residential open orders
  • Commercial revenues of $115.7 million, up 25 percent compared with last year
  • Specialty Insurance segment total revenues up 7 percent, with a pretax margin of 16.0 percent
  • Debt-to-capital ratio of 15.6 percent as of March 31, 2014
  • Significant capital management actions taken:
    • Doubled dividend to annual rate of $0.96 per share; 3.6 percent yield at quarter end
    • Raised share repurchase authorization to $250 million, with $183 million remaining
    • Closed $155 million acquisition of Interthinx, Inc. on March 12, 2014  

Download the full press release as a PDF

 

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