First American Financial Q3 Profit Declines, Revenue Rises - Quick Facts

(RTTNews) - First American Financial Corp. (FAF), a provider of title insurance, settlement services and risk solutions for real estate transactions, reported Thursday that its net income for the third quarter declined to $182.3 million or $1.62 per share, from $187.2 million or $1.65 per share in the year-ago period.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.27 per share for the quarter. Analysts' estimates typically exclude special items.

Net realized investment gains in the latest quarter were $45.0 million or $0.30 per share, compared with net realized investment gains of $1.5 million or $0.01 per share, in the year-ago period.

In addition, a pre-tax impairment of assets held for sale of $73.3 million or $0.49 per share, was recorded related to the property and casualty business within the Specialty Insurance segment.

However, total revenue for the quarter grew 15 percent to $1.91 billion from $1.67 billion in the year-ago period. The Street expected revenues of $1.64 billion for the quarter.