Research Desk Line-up: Ambac Financial Post Earnings Coverage
LONDON, UK / ACCESSWIRE / November 15, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Fidelity National Financial, Inc. (NYSE: FNF), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=FNF, following the Company's release of its financial results on October 25, 2017, for the third quarter fiscal 2017. The provider of title insurance and mortgage services Company's adjusted EPS surpassed analysts' expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Surety & Title Insurance industry. Pro-TD has currently selected Ambac Financial Group, Inc. (NASDAQ: AMBC) for due-diligence and potential coverage as the Company reported on November 08, 2017, its financial results for Q3 2017. Register for a free membership today, and be among the early birds that get access to our report on Ambac Financial when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on FNF; also brushing on AMBC. With the links below you can directly download the report of your stock of interest free of charge at:
For three months ended September 30, 2017, Fidelity National's total revenue increased 1.9% to $1.99 billion from $1.95 billion in Q3 FY16.
During Q3 FY17, Fidelity National's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) decreased 4.1% to $302 million from $315 million in the same period last year. For the reported quarter, the Company's adjusted EBITDA margin decreased 90 basis points to 15.2% of revenue from 16.1% of revenue in Q3 FY16.
For the reported quarter, Fidelity National's personnel costs increased 6.6% to $627 million, from $588 million in Q3 FY16. During Q3 FY17, the Company's depreciation and amortization (D&A) expenses increased 12.1% to $46 million from $41 million in the same period last year. For the reported quarter, the Company's total expenses increased 2.7% to $1.74 billion from $1.70 billion in Q3 FY16.
During Q3 FY17, Fidelity National's adjusted earnings before tax (EBT) decreased 4.1% to $274 million from $286 million in the same period last year. For the reported quarter, the Company's adjusted EBT margin decreased 90 basis points to 13.8% of revenue from 14.7% of revenue in Q3 FY16.
For the reported quarter, Fidelity National's net income increased 4.2% to $170 million on a y-o-y basis from $163 million in Q3 FY16. During Q3 FY17, the Company's diluted EPS increased 6.8% to $0.62 on a y-o-y basis from $0.58 in the same period last year. For the reported quarter, Fidelity National's adjusted net income increased 2.6% to $197 million on a y-o-y basis from $192 million in Q3 FY16. During Q3 FY17, the Company's adjusted diluted EPS increased 2.8% to $0.71 on a y-o-y basis from $0.69 in the same period last year. Adjusted diluted EPS surpassed analysts' expectations of $0.66.
Fidelity National's Segment Details
Title - During Q3 FY17, the Title segment's revenue was $1.87 billion on par with the $1.87 million reported in the same period last year. For the reported quarter, the segment's EBT decreased 0.3% to $262 million from $263 million in the third quarter of 2016. During Q3 FY17, the segment's adjusted EBT decreased 2.7% to $287 million from $295 million in the same period last year. During Q3 FY17, the segment's open orders per day were 7,952 compared to 9,625 in the same period last year. For the reported quarter, the segment's closed orders per day were 5,825 compared to 6,766 in Q3 FY16. During Q3 FY17, the segment's total commercial revenue increased 7% to $250 million from $233 million in the third quarter of 2016. The increase was due to a 3% increase in total commercial fee per file and a 5% increase in closed orders.
As on September 30, 2017, Fidelity National's cash and investment portfolio decreased 5.7% to $4.56 billion from $4.83 billion on December 31, 2016. For the reported quarter, the Company's secured trust deposits increased 7.3% to $923 million from $860 million in Q4 FY16.
For the reported quarter, the Company's notes payable decreased 22.7% to $762 million from $987 million in Q4 FY16.
During Q3 FY17, Fidelity National's cash provided by operating activities decreased 16.1% to $302 million from $360 million in the same period last year.
On October 25, 2017, the Company's Board of Directors declared a cash dividend of $0.27 per common share, payable on December 29, 2017, to shareholders of record on the close of business on December 15, 2017.
On Tuesday, November 14, 2017, the stock closed the trading session at $39.87, rising 2.92% from its previous closing price of $38.74. A total volume of 2.35 million shares have exchanged hands, which was higher than the 3-month average volume of 1.52 million shares. Fidelity National Financial's stock price skyrocketed 14.07% in the last three months, 34.03% in the past six months, and 72.06% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have soared 62.64%. The stock is trading at a PE ratio of 16.95 and has a dividend yield of 2.71%. At Tuesday's closing price, the stock's net capitalization stands at $12.12 billion.
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