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FNF Reports Third Quarter 2018 Diluted EPS of $0.85 and Adjusted Diluted EPS of $0.78, Pre-Tax Title Margin of 16.2% and Adjusted Pre-Tax Title Margin of 15.6%
Jacksonville, Fla. - (October 24, 2018) - Fidelity National Financial, Inc. (NYSE:FNF), a leading provider of title insurance and transaction services to the real estate and mortgage industries, today reported operating results for the three and nine-month periods ended September 30, 2018.
• | Total revenue of approximately $2.1 billion in the third quarter versus $2.0 billion in the third quarter of 2017 |
• | Third quarter net earnings of $236 million and adjusted net earnings of $218 million versus net earnings from continuing operations of $156 million and adjusted net earnings from continuing operations of $174 million for the third quarter of 2017 |
• | Third quarter diluted EPS of $0.85 and adjusted diluted EPS of $0.78 versus diluted EPS from continuing operations of $0.57 and adjusted diluted EPS from continuing operations of $0.63 in the third quarter of 2017 |
Title
• | Total revenue of approximately $1.9 billion versus approximately $1.9 billion in total revenue in the third quarter of 2017 |
• | Pre-tax earnings of $309 million and adjusted pre-tax earnings of $297 million versus pre-tax earnings of $262 million and adjusted pre-tax earnings of $287 million in the third quarter of 2017 |
• | Pre-tax title margin of 16.2% and adjusted pre-tax title margin of 15.6% versus pre-tax title margin of 14.0% and adjusted pre-tax title margin of 15.3% in the third quarter of 2017 |
• | Third quarter purchase orders opened increased 0.3% and purchase orders closed decreased 1%, respectively, versus the third quarter of 2017 |
• | Total commercial revenue of $271 million, an 8% increase over total commercial revenue in the third quarter of 2017, driven by a 16% increase in total commercial fee per file and a 7% decrease in closed orders; third quarter total commercial open orders increased 1% compared to the prior year |
• | Overall third quarter average fee per file of $2,623, an 11% increase versus the third quarter of 2017 |
Title Orders
Direct Orders Opened * | Direct Orders Closed * | |||||||
Month | / (% Purchase) | / (% Purchase) | ||||||
July 2018 | 158,000 | 70% | 116,000 | 71% | ||||
August 2018 | 165,000 | 69% | 123,000 | 71% | ||||
September 2018 | 133,000 | 69% | 100,000 | 70% | ||||
Third Quarter 2018 | 456,000 | 69% | 339,000 | 71% | ||||
Direct Orders Opened * | Direct Orders Closed * | |||||||
Month | / (% Purchase) | / (% Purchase) | ||||||
July 2017 | 159,000 | 66% | 118,000 | 66% | ||||
August 2017 | 181,000 | 61% | 131,000 | 65% | ||||
September 2017 | 161,000 | 59% | 118,000 | 63% | ||||
Third Quarter 2017 | 501,000 | 62% | 367,000 | 65% | ||||
* Includes an immaterial number of non-purchase and non-refinance orders
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The following information was filed by Fidelity National Financial, Inc. (FNF) on Wednesday, October 24, 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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