Fidelity National Financial reported that its net earnings attributable to common shareholders increased by 84% to $147m, against net earnings attributable to common shareholders of $80m during the same period in 2011.
Its net earnings per diluted share attributable to common shareholders for the current quarter period stood at $0.65, compared to net earnings per diluted share attributable to common shareholders $0.36 during the second three months ended on 30 June 2011.
The US provider of title insurance and mortgage services said that its revenues for the second quarter of 2012 jumped by 41% to $1.74bn, from revenues of $.123bn during the same period earlier year.
The firm registered four-fold growth in its cash flow from operations, which as higher as 347% to $237.5m, during the latest quarter of 2012, compared to a cash flow from operations of $53.4m during the corresponding quarter last year.
Fidelity National Financial chief executive officer George Scanlon said this quarter clearly demonstrates the operating leverage in our title business.
"We generated a 14.4% pre-tax title margin because of increased refinance orders and improving seasonal resale volumes. While refinance volumes are grabbing the headlines, we also saw a 7% increase in purchase orders in the second quarter versus the prior year period," Scanlon added.
"Our balance sheet and cash flow strengthened as our cost containment initiatives for legal and claims handling costs continue to yield improvement. We are confident in further margin expansion as we experience continued improvement in what remains a difficult real estate market.
"We are also excited to begin to consolidate our restaurant operations and report them as a distinct segment. For the partial quarter, we reported operating revenue of approximately $253 million, adjusted EBITDA of $11 million and an adjusted EBITDA margin of 4.5%."
Fidelity National Financial offers title insurance, mortgage services and restaurant and other diversified services through its title insurance underwriters – Fidelity National Title, Chicago Title, Commonwealth Land Title and Alamo Title.