First American Corp. (FAF), a business information provider, Thursday, reported a profit for the third quarter compared to a loss last year, reflecting the absence of many special items.
First American reported third quarter net income attributable to the company of $55.4 million or $0.59 per, compared with net loss of $8.3 million or $0.09 per share in the year-ago period.
The Santa Ana, California-based company said that results for the quarter includes intangible impairments on after-tax basis of $6.5 million , employee separation and lease termination costs of $4.0 million and spin-off-related costs of $2.4 million, partially offset by net realized investment gains of $3.1 million and a reduction in the reserve for policy year 2009 claims losses of $5.0 million.
Adjusted net income increased to $60.2 million from $17.6 million in the comparable quarter last year. On a per share basis net income surged to $0.64 per share from $0.19 per share in the year-ago period.
On average, five analysts polled by Thomson Reuters expected the company to report earnings of $0.63 per share for the quarter. Analysts' estimates typically exclude one-time items.
Total revenues for the quarter was up 3% to $1.57 billion from $1.52 billion in the same quarter last year.
Revenues in the Title Insurance and Services segment increased 2% to $996.0 million from $977 million reflecting the relatively high number of remittances received from agents during the current quarter and an increase in investment income, offset by lower direct revenue.
Specialty Insurance segment revenue for the quarter was $71.08 million compared with $72.75 million in the year-ago period.
Dennis Gilmore, chief executive officer said,"Throughout the year we made significant progress restructuring our company and we remain committed to continued improvement in our pretax operating margin."
Income-tax provision for the quarter was a profit of $41.71 million compared with a loss of $1.03 million in the same quarter last year.
For the nine months, net income was $161.65 million or $1.72 per share, up from $40.58 million or $0.44 per share last year. Total revenue decreased to $4.48 million from $4.86 million a year earlier. FAF is currently trading at $31.36, up $0.08 or 0.26% on a volume of 1.07 million shares on the NYSE.
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