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First American Financial Corp (FAF) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

First American Financial Corp

CIK: 1472787 Ticker: FAF

Exhibit 99.1

 

NEWS

 FOR

 IMMEDIATE

 RELEASE

 

FIRST AMERICAN FINANCIAL REPORTS third QUARTER 2018 RESULTS

Reports Earnings of $1.34 per Diluted Share

 

SANTA ANA, Calif., Oct. 25, 2018 – First American Financial Corporation (NYSE: FAF),

a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, today announced financial results for the third quarter ended Sept. 30, 2018.

Current Quarter Highlights

Total revenue of $1.5 billion, up 1 percent compared with last year

Investment income of $67.9 million, up 53 percent compared with last year

Title Insurance and Services segment pretax margin of 14.6 percent

Purchase revenues up 1 percent compared with last year

 

-

Average revenue per order up 6 percent

 

-

Closed orders per day down 4 percent

Commercial revenues of $183.5 million, up 5 percent compared with last year

Specialty Insurance segment total revenues up 5 percent, with a pretax margin of 5.0 percent

Cash flow from operations of $230.8 million, up 4 percent compared with last year

 

 

Selected Financial Information

($ in millions, except per share data)

 

 

Three Months Ended

 

 

 

September 30,

 

 

 

2018

 

 

2017

 

Total revenue

 

$

1,542.2

 

 

$

1,519.6

 

Income before taxes

 

 

195.6

 

 

 

18.0

 

 

 

 

 

 

 

 

 

 

Net income

 

$

151.5

 

 

$

21.4

 

Net income per diluted share

 

 

1.34

 

 

0.19

 

 

Total revenue for the third quarter of 2018 was $1.5 billion, an increase of 1 percent relative to the third quarter of 2017. Net income in the current quarter was $151.5 million, or $1.34 per diluted share, compared with net income of $21.4 million, or $0.19 per diluted share, in the third quarter of 2017. Net realized investment gains in the current quarter were $11.1 million, or 8 cents per diluted share, compared with net realized investment losses of $7.0 million, or 4 cents per diluted share, last year. The current quarter’s results include a $5.7 million expense, or 4 cents per diluted share, related to a legacy regulatory matter. In addition, the third quarter results in 2017 included an expense of $152.4 million, or 89 cents per diluted share, for the completion of the company’s pension plan termination.

“Our strong financial results continued this quarter, as we achieved a pretax margin of 14.6 percent in the title business,” said Dennis J. Gilmore, chief executive officer at First American Financial Corporation. “Our commercial business had another good quarter, with revenue growth of 5 percent. We continue to benefit from increasing investment income driven by rising short-term interest rates, however higher mortgage rates have recently contributed to a slowdown in purchase activity.

-more-


The following information was filed by First American Financial Corp (FAF) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside First American Financial Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Income (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited)
Accumulated Other Comprehensive Income (Loss) ("Aoci")
Accumulated Other Comprehensive Income (Loss) ("Aoci") (Tables)
Accumulated Other Comprehensive Income (Loss) (Aoci) (Components Of Accumulated Other Comprehensive Income (Loss) (Detail)
Accumulated Other Comprehensive Income (Loss) (Other Comprehensive Income (Loss) Reclassification Adjustments) (Detail)
Accumulated Other Comprehensive Income (Loss) (Reclassifications Out Of Aoci) (Detail)
Adoption Of Revenue Guidance
Adoption Of Revenue Guidance (Narrative) (Detail)
Basis Of Condensed Consolidated Financial Statements
Basis Of Condensed Consolidated Financial Statements (Narrative) (Detail)
Basis Of Condensed Consolidated Financial Statements (Policies)
Business Combinations
Business Combinations (Narrative) (Detail)
Debt And Equity Securities
Debt And Equity Securities (Composition Of Debt Securities Portfolio In Unrealized Loss Position By Credit Rating Agencies) (Detail)
Debt And Equity Securities (Composition Of Investment Portfolio By Credit Rating Agencies) (Detail)
Debt And Equity Securities (Gross Unrealized Losses On Investments In Debt Securities) (Detail)
Debt And Equity Securities (Investments In Debt Securities By Contractual Maturity) (Detail)
Debt And Equity Securities (Investments In Debt Securities, Classified As Available-For-Sale) (Detail)
Debt And Equity Securities (Investments In Equity Securities) (Detail)
Debt And Equity Securities (Narrative) (Detail)
Debt And Equity Securities (Tables)
Earnings Per Share
Earnings Per Share (Narrative) (Detail)
Earnings Per Share (Schedule Of Earnings Per Share) (Detail)
Earnings Per Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Narrative) (Detail)
Employee Benefit Plans (Net Periodic Cost) (Detail)
Employee Benefit Plans (Tables)
Escrow Deposits, Like-Kind Exchange Deposits And Trust Assets
Escrow Deposits, Like-Kind Exchange Deposits And Trust Assets (Narrative) (Detail)
Fair Value Measurements
Fair Value Measurements (Carrying Amounts And Estimated Fair Values Of Financial Instruments Not Measured At Fair Value) (Detail)
Fair Value Measurements (Fair Value Of Assets Measured On Recurring Basis) (Detail)
Fair Value Measurements (Narrative) (Detail)
Fair Value Measurements (Summary Of Changes In Fair Value Of Level 3 Assets) (Detail)
Fair Value Measurements (Tables)
Goodwill
Goodwill (Carrying Amount Of Goodwill By Operating Segment) (Detail)
Goodwill (Narrative) (Detail)
Goodwill (Tables)
Income Taxes
Income Taxes (Narrative) (Detail)
Litigation And Regulatory Contingencies
Other Intangible Assets
Other Intangible Assets (Estimated Amortization Expense For Finite-Lived Intangible Assets) (Detail)
Other Intangible Assets (Narrative) (Detail)
Other Intangible Assets (Schedule Of Other Intangible Assets) (Detail)
Other Intangible Assets (Tables)
Reserve For Known And Incurred But Not Reported Claims
Reserve For Known And Incurred But Not Reported Claims (Activity In Reserve For Known And Incurred But Not Reported Claims) (Detail)
Reserve For Known And Incurred But Not Reported Claims (Narrative) (Detail)
Reserve For Known And Incurred But Not Reported Claims (Summary Of Loss Reserves) (Detail)
Reserve For Known And Incurred But Not Reported Claims (Tables)
Segment Information
Segment Information (Narrative) (Detail)
Segment Information (Schedule Of Selected Financial Information) (Detail)
Segment Information (Tables)
Share-Based Compensation (Costs Associated With Share-Based Compensation Plans) (Detail)
Share-Based Compensation (Summary Of Rsu Activity) (Detail)
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables)

Material Contracts, Statements, Certifications & more

First American Financial Corp provided additional information to their SEC Filing as exhibits

Ticker: FAF
CIK: 1472787
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-18-025111
Submitted to the SEC: Thu Oct 25 2018 4:06:13 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Title Insurance

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