First American Financial Q2 Profit Falls

(RTTNews) - First American Financial Corp. (FAF), a global provider of title insurance and settlement services, Thursday announced a fall in net income to $34.67 million or $0.31 per share from $73.00 million or $0.68 per share last year.

The results included an $89 million reserve strengthening or 48 cents per share net of tax. The current quarter also reflects net realized investment gains of $4.5 million, or 2 cents per share, compared with net realized investment gains of $11.6 million, or 6 cents per share, in the second quarter of 2012.

On average, 4 analysts polled by Thomson Reuters expected earnings per share of $0.69 for the quarter. Analysts' estimates typically exclude one-time items.

Total revenue for the quarter was $1.288 billion, up 18 percent in comparison with $1.089 billion in the prior year. Analysts were looking for revenue of $1.22 billion.