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FNF Reports Fourth Quarter 2018 Diluted EPS of $0.16 and Adjusted Diluted EPS of $0.63, Pre-Tax Title Margin of 6.1% and Adjusted Pre-Tax Title Margin of 14.4%
Jacksonville, Fla. - (February 13, 2019) - 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 twelve-month periods ended December 31, 2018.
• | Total revenue of approximately $1.7 billion in the fourth quarter versus $2.0 billion in the fourth quarter of 2017 |
• | Fourth quarter net earnings of $44 million and adjusted net earnings of $175 million versus net earnings from continuing operations of $246 million and adjusted net earnings from continuing operations of $170 million for the fourth quarter of 2017 |
• | Fourth quarter diluted EPS of $0.16 and adjusted diluted EPS of $0.63 versus diluted EPS from continuing operations of $0.88 and adjusted diluted EPS from continuing operations of $0.60 in the fourth quarter of 2017 |
• | Realized losses were $144 million in the fourth quarter versus realized gains of $2 million in the fourth quarter of 2017, primarily due to the adoption of a new accounting standard in 2018 that requires mark to market accounting treatment of equity and preferred stock securities and recognition of the related changes in fair value in realized gains and losses, whether the securities were disposed of in the quarter or continue to be held in our investment portfolio |
Title
• | Total revenue of approximately $1.7 billion versus approximately $1.9 billion in total revenue in the fourth quarter of 2017 |
• | Pre-tax earnings of $102 million and adjusted pre-tax earnings of $258 million versus pre-tax earnings of $248 million and adjusted pre-tax earnings of $273 million in the fourth quarter of 2017 |
• | Pre-tax title margin of 6.1% and adjusted pre-tax title margin of 14.4% versus pre-tax title margin of 13.4% and adjusted pre-tax title margin of 14.7% in the fourth quarter of 2017 |
• | Fourth quarter purchase orders opened decreased 6% and purchase orders closed decreased 6% versus the fourth quarter of 2017 |
• | Total commercial revenue of $324 million, a 13% increase over total commercial revenue in the fourth quarter of 2017, driven by a 6% increase in closed orders and a 6% increase in total commercial fee per file; fourth quarter total commercial open orders decreased 1% compared to the prior year |
• | Overall fourth quarter average fee per file of $2,803, a 16% increase versus the fourth quarter of 2017 |
Title Orders
Direct Orders Opened * | Direct Orders Closed * | |||||||
Month | / (% Purchase) | / (% Purchase) | ||||||
October 2018 | 150,000 | 69% | 111,000 | 68% | ||||
November 2018 | 123,000 | 68% | 95,000 | 70% | ||||
December 2018 | 106,000 | 65% | 95,000 | 68% | ||||
Fourth Quarter 2018 | 379,000 | 67% | 301,000 | 69% | ||||
Direct Orders Opened * | Direct Orders Closed * | |||||||
Month | / (% Purchase) | / (% Purchase) | ||||||
October 2017 | 167,000 | 61% | 124,000 | 61% | ||||
November 2017 | 151,000 | 60% | 114,000 | 61% | ||||
December 2017 | 127,000 | 59% | 119,000 | 61% | ||||
Fourth Quarter 2017 | 445,000 | 60% | 357,000 | 61% | ||||
* 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, February 13, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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