First American Financial Earnings, Sales Surge In Q2

(RTTNews) - First American Financial Corporation (FAF) Thursday reported net income of $302.3 million or $2.72 per share in the second quarter, up from $170.66 million or $1.52 per share in the same quarter a year ago.

Total revenue for the quarter increased 41% year-over-year to $2.266 billion from $1.6088 billion last year.

The company said it recognized a $44 million gain during the quarter related to its venture investments program.

Direct premiums and escrow fees increased to $917.45 million from $787.24 million last year.

Net investment income also rose to 56.07 million from $47.48 million a year ago.

"These outstanding results were driven by continued strength in the purchase market and a strong rebound in the commercial market. We also benefited from high productivity bolstered by our ongoing data and title automation initiatives," said Dennis J. Gilmore, chief executive officer at First American Financial Corporation.