First American Financial, a provider of title insurance and settlement services for real estate transactions, has reported total revenues of $969.9m for the second quarter of 2010, a decrease of 5.3% compared to $1.02bn for same the quarter in 2009.
The company’s income before income taxes were $57m for the second quarter compared to $64.5m for the same period last year.
For the quarter ended June 30, 2010, the company posted a net income of $33.8m, or $0.32 per diluted share, compared to $28.6m, or $0.27 per diluted share, for the same quarter in 2009.
Dennis Gilmore, CEO of First American Financial, said: “The completion of the spin-off transaction on June 1, 2010, was a substantial accomplishment for First American and its shareholders. We’ve come out of the spin-off solidly profitable, with a strong balance sheet and well positioned to continue to execute on our strategy of improving the efficiency of our business while pursuing selective, profitable growth opportunities.
“Our title insurance and services segment delivered a pretax margin of 6.9%, despite a 30% decline in closed orders compared with the second quarter of 2009. Average revenue per order increased 20% relative to the second quarter of last year as the order mix shifted to higher premium resale transactions.”