First American Financial Corporation (FAF) Thursday posted higher profit for the first quarter on increased revenue which the firm attributed to "good" market conditions and a rise in closed orders. Earnings per share however, were lesser than what analysts had predicted.
For the quarter net income attributable to company was $36.17 million, up from $31.29 million posted a year earlier. On a per share basis, earnings were $0.33 versus $0.29 last year.
Four analysts on average polled by Thomson Reuters estimated earnings per share of $0.40 for the quarter. Analysts estimates typically exclude one-time items.
The company clocked revenue of $1.146 billion, up from $966.76 million a year back. Consensus estimate for revenue was $1.08 billion for the period.
Looking ahead, Dennis Gilmore, CEO said, "Our business outlook remains positive as we enter the important spring selling season. So far in April, our resale open orders are running 4 percent higher than in March and up 21 percent compared with last year. We believe the housing market is improving and that the company is well positioned to deliver strong financial results as the multiyear recovery continues."
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