Stock Monitor: 1347 Property Insurance Post Earnings Reporting
LONDON, UK / ACCESSWIRE / December 01, 2017 / Active-Investors free earnings report on First American Financial Corp. (NYSE: FAF) has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=FAF. The Company posted its financial results on October 26, 2017, for the third quarter of the fiscal year 2017. The Santa Ana, California-based Company's total revenues and non-GAAP earnings per share (EPS) grew on a y-o-y basis, outperforming Wall Street's estimates. Register today and get free access to our complimentary member's area where many more reports are available:
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Earnings Highlights and Summary
During Q3 FY17, First American Financial posted total revenues of $1.52 billion, up from the $1.51 billion recorded at the end of Q3 FY16. The total revenue numbers outperformed market expectations of $1.51 billion.
First American Financial's direct premiums and escrow fees were $651.10 million in Q3 FY17 compared to $649.73 million in the last year's same quarter. The Company's agent premiums increased to $629.19 million in Q3 FY17 versus $625.95 million in Q3 FY16 while information and other revenues amounted to $201.82 million in the reported quarter, up from $188.73 million in Q3 FY16.
The financial services Company reported a net income of $21.38 million, or $0.19 per diluted share, in Q3 FY17 versus $107.32 million, or $0.96 per diluted share, in Q3 FY16. Furthermore, the Company's adjusted net earnings rose to $154.8 million, or $1.08 per diluted share, for Q3 FY17, which outshined market forecasts of $1.00 per diluted share.
For the three months ended September 30, 2017, the Company reported personnel costs of $599.38 million versus $438.69 million in the prior year's comparable quarter. The Company's other operating expenses stood at $218.96 million for the reported quarter compared to $219.96 million in Q3 FY16. Provision for policy losses and other claims were $120.35 million in Q3 FY17 compared to $137.02 million in the prior year's corresponding quarter. Furthermore, the Company reported earnings before income taxes of $17.96 million in Q3 FY17 versus $166.93 million in Q3 FY16.
During Q3 FY17, First American Financial's Title Insurance and Services segment's total revenue came in flat at $1.40 billion. The segment reported income before taxes of $181.2 million in Q3 FY17 compared to $188.7 million in the previous year's same quarter. Additionally, the segment's pre-tax margin stood at 13.0% in Q3 FY17 versus 13.5% in Q3 FY16.
First American Financial's Specialty Insurance segment generated revenues of $118.5 million, which came in above the $109.8 million recorded in the last year's comparable quarter. The segment's income before taxes surged to $6.2 million in the reported quarter from $1.8 million in Q3 FY16. Furthermore, the segment's pre-tax margin increased to 5.2% in Q3 FY17 compared to 1.6% in Q3 FY16.
The Company's net cash provided by operating activities was $455.53 million in the first nine months of FY17, compared to $252.22 million in the prior year's corresponding period. The Company had a cash and cash equivalents balance of $1.14 billion as on September 30, 2017, compared to $1.01 billion at the close of books on December 31, 2016.
In a separate press release on November 08, 2017, First American Financial's Board of Directors announced a regular quarterly cash dividend of $0.38 per share, payable on December 15, 2017, to stockholders of record as of December 08, 2017.
Stock Performance Snapshot
November 30, 2017 - At Thursday's closing bell, First American Financial's stock advanced 1.33%, ending the trading session at $55.59.
Volume traded for the day: 578.91 thousand shares, which was above the 3-month average volume of 567.61 thousand shares.
Stock performance in the last month – up 2.15%; previous three-month period – up 13.31%; past twelve-month period – up 47.30%; and year-to-date – up 51.76%
After yesterday's close, First American Financial's market cap was at $6.11 billion.
Price to Earnings (P/E) ratio was at 22.00.
The stock has a dividend yield of 2.73%.
The stock is part of the Financial sector, categorized under the Property & Casualty Insurance industry. This sector was up 0.2% at the end of the session.
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