First American Financial Q2 Profit Down

(RTTNews) - First American Financial Corp. (FAF), a provider of title insurance, settlement services and risk solutions for real estate transactions, reported that its net income for the second quarter ended June 30, 2020 declined to $170.7 million or $1.52 per share, from $186.7 million or $1.64 per share, in the second quarter of 2019.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.75 per share for the quarter. Analysts' estimates typically exclude special items.

Net realized investment gains in the latest-quarter were $69.3 million, or 47 cents per share, compared with net realized investment gains of $8.4 million, or 6 cents per diluted share, in the second quarter of last year. The net realized investment gains in both periods were primarily due to the change in the fair value of equity securities.

Total revenue for the second quarter of 2020 was $1.61 billion, an increase of 7 percent relative to the second quarter of 2019.