Title and specialty insurance provider Fidelity National Financial Inc. (FNF) Monday said its second quarter profit jumped from last year, boosted by higher revenues.
Net earnings attributable to common shareholders were $91.9 million or $0.40 per share for the second quarter, compared to $6.9 million or $0.03 per share in the prior year quarter. On average, 7 analysts polled by Thomson Reuters expected the company to earn $0.39 per share for the second quarter.
The Jacksonville, Florida-based company's second quarter total revenue increased to $1.57 billion from $1.17 billion in the same quarter last year. Four analysts had a consensus revenue estimate of $1.64 billion for the second quarter.
Total revenue for Fidelity National Title Group increased to $1.45 billion from $1.04 billion, and total revenue for Specialty Insurance segment improved to $98.1 million from $97.1 million in the previous year quarter.
Total title premiums rose to $1.04 billion from $745.0 million, while total title and escrow grew to $1.42 billion from $1.03 billion in the year-ago quarter.
Total expenses for the second quarter increased to $1.44 billion from $1.15 billion in the second quarter of last year.
For the first half of 2009, the company posted net earnings attributable to common shareholders of $79.5 million or $0.35 per share, compared to $34.2 million or $0.16 per share in the previous year period.
Total revenue for the year-to-date period increased to $2.93 billion from $2.29 billion in the preceding year period.
FNF closed Monday's regular trading session at $13.53, down 9 cents. In the after-hours, the shares gained 46 cents or 3.40%.
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