Investors Title Q1 revenue rises 13%, profit nearly doubles
Investors Title Company ITIC | 0.00 |
Overview
US title insurer's Q1 revenue rose 13% yr/yr on higher real estate activity
Q1 net income nearly doubled, with diluted EPS up to $3.20 from $1.67
Operating expenses rose 7% yr/yr, mainly due to higher agent commissions
Outlook
Company did not provide specific guidance for future quarters or the full year in its press release
Result Drivers
HIGHER REAL ESTATE ACTIVITY - Co said increased real estate activity boosted net premiums written and title-related fees
EXPANSION INITIATIVES - Ongoing expansion efforts contributed to revenue growth, per chairman J. Allen Fine
INVESTMENT GAINS - Favorable changes in fair value of equity security investments led to higher net investment gains
Company press release: ID:nBwNzCHYa
Key Details
Metric |
Beat/Miss |
Actual |
Consensus Estimate |
Q1 Premiums Written |
|
$50.95 mln |
|
Q1 EPS |
|
$3.20 |
|
Q1 Net Income |
|
$6.07 mln |
|
Q1 Basic EPS |
|
$3.21 |
|
Q1 Operating Expenses |
|
$56.30 mln |
|
Q1 Pretax Profit |
|
$7.72 mln |
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