Company did not provide specific guidance for the current quarter or full year
Overview
U.S. title insurer's Q2 revenue grew 17.5% yr/yr, driven by higher premiums and fees
Adjusted EPS and net income for Q2 rose yr/yr
Operating expenses increased 15.9%, mainly due to higher commissions and personnel costs
Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Premiums Written
$67.54 mln
Q2 EPS
$7.73
Q2 Net Income
$14.63 mln
Q2 Basic EPS
$7.75
Q2 Operating Expenses
$67.06 mln
Q2 Pretax Profit
$19.45 mln
Result Drivers
Higher real estate activity - Co said increased net premiums written and title-related fees were driven by higher real estate activity and expansion initiatives
Investment gains - Co said net investment gains rose due to favorable changes in fair value of equity security investments
Higher operating costs - Co said operating expenses increased due to higher agent commissions, personnel expenses and provision for claims linked to increased premium volume and changes in actuarial estimates
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