Fidelity National Financial, Inc. today reported the operating results of its core segment, a leading provider of title insurance, technology and transaction services to the real estate and mortgage industries, for the three and nine-month periods ended September 30, 2014.
- Total revenue of approximately $1.7 billion in the third quarter versus $1.6 billion in the third quarter of 2013
- Adjusted third quarter net earnings of $145 million versus adjusted net earnings of $115 million for the third quarter of 2013
- Adjusted third quarter core diluted EPS of $0.51 versus adjusted core diluted EPS of $0.50 in the third quarter of 2013
- Third quarter core free cash flow provided of $292 million versus $94 million provided in the third quarter of 2013
Title
- Approximately $1.5 billion in total revenue, adjusted pre-tax earnings of $223 million and adjusted pre-tax title margin of 14.7% for the third quarter versus approximately $1.5 billion in total revenue, adjusted pre-tax earnings of $220 million and an adjusted pre-tax title margin of 14.3% in the third quarter of 2013
- Adjusted pre-tax title margin of 14.7%, a 50 basis point improvement over the revised second quarter adjusted pre-tax title margin of 14.2%; second quarter 2014 was revised due to an immaterial payroll accrual correction
- ServiceLink generated $225 million in revenue, adjusted EBITDA of $34 million, an adjusted EBITDA margin of 15%, adjusted pre-tax earnings of $29 million and an adjusted pre-tax margin of 13%
- Open orders per day of 7,516 for the third quarter versus 7,406 open orders per day for the third quarter of 2013
- Closed orders per day of 5,438 for the third quarter versus 6,406 closed orders per day for the third quarter of 2013
- Third quarter purchase orders opened and closed increased by 7% and 2%, respectively, versus the third quarter of 2013; purchase orders opened and closed declined by 1% and 5%, respectively, excluding ServiceLink default related purchase orders
- Third quarter national commercial title revenue of $136 million, a 13% increase from the third quarter of 2013, driven by a 12% improvement in the commercial fee per file and a 2% increase in closed orders; open commercial orders increased by 8% over the prior year
- Overall third quarter average fee per file of $2,066, a 14.3% increase over the third quarter of 2013
- Title claims paid of $81 million, a decrease of $22 million, or 21%, from the third quarter of 2013
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