Title insurance provider Fidelity National Financial Inc. (FNF) reported Wednesday a profit for the third quarter, compared to a loss in the same period last year reflecting a surge in revenues.
The Jacksonville, Florida-based company's net earnings attributable to common stockholders were $69.32 million or $0.30 per share for the fourth quarter, compared to a loss of $14.88 million or $0.07 per share in the year-ago quarter.
Earnings from continuing operations before taxes for the recent fourth quarter was $106 million, compared to loss from continuing operations before taxes of $20.99 million in the same quarter last year.
Total revenue increased to $1.46 billion from $998.8 million in the prior year quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.22 per share on revenue of $1.34 billion for the quarter. Analysts' estimates typically exclude special items.
"Despite operating against a difficult economic backdrop, 2009 was a year of significant accomplishments that has Fidelity National Financial well positioned as we enter 2010," said Chairman William Foley, II.
In the sequentially preceding third quarter, Fidelity's net earnings attributable to common shareholders were $73.4 million or $0.32 per share, compared to net loss of $198.3 million or $0.95 per share in the prior year third quarter. The company's total revenue went up to $1.47 billion from $969.8 million in the year-ago period. Total title premium for the third quarter was up to $982.96 million from $610.32 million in the year-ago period.
For the quarter under review, on revenue segment basis, the company's agency title premiums surged significantly to $638.19 million from $383.62 million a year earlier. Total tile premiums and escrow rose to $1.31 billion from $870.53 million last year.
On operating segment basis, Fidelity National Title Group's total revenues grew to $1.34 billion from $896.2 million last year and pre-tax earnings for the quarter were $109.6 million, compared to a pre-tax loss of $9.7 million in the same period last year.
Specialty insurance segments total revenue came down to $92.8 million from $97.3 million a year earlier. The segments pre-tax earnings dropped to $8.7 million from $18.2 million last year.
Amongst others in the industry, Old Republic International Corp. (ORI) reported a fourth quarter operating loss of $41.2 million or $0.17 per share, compared to an operating loss of $73.1 million or $0.31 per share in the same quarter last year. The company's net loss for the quarter narrowed to $36.7 million or $0.15 per share from $126.5 million or $0.54 per share in the year-ago quarter. Quarterly revenues increased 7.3% to $965.2 million from $899.7 million in the same quarter previous year.
For the full year, Fidelity National's net earnings attributable to shareholders were $222.31 million or $0.97 per share, compared to net loss attributable to shareholders of $179.02 million or $0.85 per share last year. Total revenues rose to $5.83 billion from $4.25 billion last year. Total title premiums rose to $3.93 billion from $2.69 billion in the full year 2008.
Wall Street analysts expected earnings of $0.88 per share on revenues of $5.73 billion for the full year.
The company's board has declared a quarterly cash dividend of $0.15 per share. The quarterly dividend will be payable on March 31, to stockholders of record as of March 17, the company said.
Wednesday, FNF closed at $13.39, up $0.37 or 2.84% on a volume of 3.52 million shares on the NYSE. In after hours, the shares further gained 1 cent. In the past 52 weeks, the stock trended in a broad range of $11.97 - $22.85, with a three-month average volume of 2.52 million shares.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.