First American Financial Earnings: Here’s Why Shares are Down Now
First American Financial Corporation (NYSE:FAF) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0.09%.
First American Financial Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 54.41% to $0.31 in the quarter versus EPS of $0.68 in the year-earlier quarter.
Revenue: Rose 18.23% to $1.29 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: First American Financial Corporation reported adjusted EPS income of $0.31 per share. By that measure, the company missed the mean analyst estimate of $0.69. It beat the average revenue estimate of $1.22 billion.
Quoting Management: “Our business gained momentum in the second quarter as the housing market continued to improve,” said Dennis J. Gilmore, chief executive officer for First American Financial Corporation. “Strength in our title insurance segment drove revenue up 18 percent. Our commercial division’s performance was particularly strong, with revenues up 35 percent compared with last year.”
Key Stats (on next page)…