SANTA ANA, Calif., Feb. 7, 2024 – First American Financial Corporation (NYSE: FAF), a premier provider of title, settlement and risk solutions for real estate transactions and the leader in the digital transformation of its industry, today announced financial results for the fourth quarter ended Dec. 31, 2023.
Current Quarter Highlights
Results were materially impacted by the company's previously disclosed cybersecurity incident Earnings per diluted share of $0.33, or $0.69 per share on an adjusted basis Total revenue of $1.4 billion, down 15 percent compared with last year- Adjusted total revenue of $1.5 billion, down 18 percent compared with last year
Title Insurance and Services segment investment income of $132 million, unchanged compared with last year
Title Insurance and Services segment pretax margin of 4.5 percent, or 7.5 percent on an adjusted basis
Commercial revenues of $172 million, down 32 percent compared with last year Home Warranty segment pretax margin of 14.9 percent, or 19.9 percent on an adjusted basisDebt-to-capital ratio of 28.6 percent, or 22.3 percent excluding secured financings payable of $553 million
Repurchased 328,863 shares for a total of $17.7 million at an average price of $53.85Full Year Highlights
Earnings per diluted share of $2.07, or $3.80 per share on an adjusted basis Total revenue of $6.0 billion, down 21 percent compared with last year‑ Adjusted total revenue of $6.2 billion, down 24 percent compared with last year
Title Insurance and Services segment investment income of $540 million, up 50 percent compared with last year
Title Insurance and Services segment pretax margin of 8.6 percent, or 9.9 percent on an adjusted basis
Commercial revenues of $658 million, down 37 percent compared with last year Home Warranty pretax margin of 13.0 percent, or 14.2 percent on an adjusted basis Repurchased 1.3 million shares for a total of $73 million at an average price of $55.18 Raised the common stock dividend by 2 percent to an annual rate of $2.12 per shareNamed one of the 100 Best Companies to Work For by Great Places to Work® and Fortune Magazine for the eighth consecutive year
The following information was filed by First American Financial Corp (FAF) on Wednesday, February 7, 2024 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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However, if actual results are not consistent with the Company’s estimates and assumptions, the Company may be exposed to future impairment losses that could be material.
Changes in expected ultimate losses and corresponding loss rates for recent policy years are considered likely and could result in a material adjustment to the IBNR reserves.
Investments within the Company’s venture portfolio are expected from time to time to cause material fluctuations in the Company’s results of operations due to the recognition of gains or losses in connection with observable price changes resulting from liquidity events, subsequent equity sales, price fluctuations for investments that trade publicly, or from impairment charges, which changes can be volatile.
FACTORS THAT COULD CAUSE THE ANTICIPATED RESULTS TO DIFFER FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS INCLUDE THE FACTORS SET FORTH ON PAGES 4-5 OF THIS ANNUAL REPORT.
Upon the occurrence of certain insolvency and bankruptcy events of default the loans will automatically accelerate.
