First American Financial Q3 Profit Rises, Despite Lower Revenues

(RTTNews) - First American Financial Corp. (FAF) Thursday announced an increase in third quarter net income to $80.7 million from $63.89 million in the prior year. Earnings per share climbed to $0.74 from $0.59 a year ago.

The results include net realized investment gains of $14.4 million or 9 cents per share, compared with net realized investment losses of $7.0 million or 4 cents per share, in the same quarter of last year. The title insurance, settlement services provider's current quarter also benefited from a 30 percent tax rate, primarily due to a lower effective foreign tax rate and certain non-recurring tax benefits.

On average, 8 analysts polled by Thomson-Reuters expected the company to earn $0.59 per share.

Revenue for the quarter was down 3 percent at $1.259 billion from $1.300 last year. Analysts were looking for $1.18 billion.