Title and specialty insurance provider Fidelity National Financial, Inc., (FNF), Monday reported a loss in the first quarter as a result of significantly higher expenses compared to last year.
The Jacksonville, Florida-based company posted a first quarter net loss attributable to common shareholders of $12.4 million or $0.06 per share, compared to net income attributable to common shareholders of $27.2 million or $0.13 per share in the year-ago period.
On average, six analysts polled by Thomson Reuters expected the company to earn $0.12 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue increased to $1.36 billion from $1.13 billion in the corresponding quarter last year.
Analysts expected the company to report revenues of $1.48 billion for the quarter.
Total revenue for the Title group increased to $1.26 billion from $1.01 last year, while total revenue for Specialty Insurance segment declined to $86.8 million from $88.5 million.
Total title premiums in the quarter increased to $909.3 million from $728.2 million in the prior year.
Total expenses in the quarter increased to $1.36 billion from $1.08 billion in the earlier year.
FNF closed Monday's regular trading on the NYSE at $19.06, up $0.15 or 0.79%, with a volume of 4.55 million shares.
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