First American Financial Posts Record Profits, Revenue
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First American Financial Corp. posted record earnings and revenue for the fourth quarter and year.
The Santa Ana provider of real estate-related information products and services said net income for the fourth quarter more than doubled to $53 million, or 85 cents a share, from $20.7 million, or 37 cents a share, for the same period in 1997. Revenue increased 43% to $797.3 million from $557 million.
For the year, profit totaled $178.9 million, or $2.99 a share, compared with $64.5 million, or $1.16 a share, for 1997. Revenue rose 47% to $2.8 billion from $1.9 billion.
Profit and revenue for the year exclude a previously announced investment gain of $32.4 million, or $19.8 million on an after-tax basis, related to a joint venture with Experian.
The company said it benefited from an increase in real estate transactions nationwide.
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