First American Financial Reports First Quarter 2024 Results

Rhea-AI Summary

First American Financial (NYSE: FAF) reported first-quarter 2024 financial results with earnings per diluted share of $0.45, total revenue of $1.4 billion, and a 1% revenue decline compared to the previous year. The company highlighted challenges in the real estate and mortgage industries due to elevated mortgage rates and low inventory levels. Despite these challenges, they expect modest revenue growth for the year. First American was recognized as one of the 100 Best Companies to Work For by Great Place to Work® and Fortune Magazine for the ninth consecutive year.

Positive

• Earnings per diluted share of $0.45
• Total revenue of $1.4 billion, down 1% from the previous year
• Challenges in the real estate and mortgage industries due to high mortgage rates and low inventory levels
• Expectation of modest revenue growth for the year
• Recognition as one of the 100 Best Companies to Work For for the ninth consecutive year

Negative

• Decrease in adjusted total revenue by 3% compared to the previous year
• Commercial revenues down by 4%
• Write-off of uncollectible balances
• Debt-to-capital ratio of 30.3%
• Decline in home warranty segment pretax margin from 19.3% to 18.8% on an adjusted basis

Insights

Financial Analyst

Revenue and Earnings Analysis: First American Financial Corporation's announcement of a 1 decrease in total revenue compared to the previous year could be seen as a potential red flag for investors; however, the marginal decline may not necessarily signal a negative trend, considering the current challenges in the real estate and mortgage industries. The company's ability to maintain nearly steady revenue despite a 4 drop in commercial revenues and a slight decrease in investment income suggests resilience and possible efficiency gains, which could be beneficial in the long run.

The pretax margin contraction in the Title Insurance and Services segment from 6.5 to 5.5 reflects tighter conditions but may also be a result of strategic reinvestments or fluctuating market factors. Investors should note the improved margins in the Home Warranty segment, up from 15.3 to 19.3; such an increase indicates operational leverage or cost management success that could provide long-term benefits. The reduction in policy loss provision rate from 3.5 to 3.0 suggests a better-than-expected claims experience or adjustments to reserve estimations, which could have positive implications for future profitability.

Market Research Analyst

The shift in the mix of title insurance premiums towards higher premium transactions and the increase in average revenue per order indicate that First American Financial may be successfully navigating a changing real estate landscape. In a market facing elevated mortgage rates and low transaction volumes, the company's strategic focus on enhancing its digital capabilities and title plant assets could be seen as a proactive measure to bolster efficiency. This is a noteworthy consideration for investors looking at the potential for long-term growth and sustainability.

While current economic indicators and market conditions suggest that the challenges may persist, the company's expectations of modest revenue growth and stable title margins could be interpreted as a sign of management's confidence in its operational strategy and its mitigation plans against industry headwinds.

Debt Analyst

The reported debt-to-capital ratio of 30.3, or 22.5 excluding secured financings payable, requires a careful examination. This financial leverage might be considered reasonable within the industry, depending on the company's debt servicing capabilities and growth prospects. The repayment of the company's $250 million senior notes could be a positive move, potentially reducing future interest expenses and improving net income margins. However, investors should remain cautious and monitor leverage ratios in relation to industry standards, as well as the company's ability to generate sufficient cash flows to meet obligations.

SANTA ANA, Calif.--(BUSINESS WIRE)-- First American Financial Corporation (NYSE: FAF), a premier provider of title, settlement and risk solutions for real estate transactions and the leader in the digital transformation of its industry, today announced financial results for the first quarter ended March 31, 2024.

Current Quarter Highlights

• Earnings per diluted share of $0.45, or $0.45 per share on an adjusted basis
• Total revenue of $1.4 billion, down 1 percent compared with last year
  • Adjusted total revenue of $1.4 billion, down 3 percent compared with last year
• Title Insurance and Services segment investment income of $117 million, down 6 percent compared with last year
• Title Insurance and Services segment pretax margin of 5.5 percent, or 4.8 percent on an adjusted basis
  • Includes a $6 million write-off of uncollectible balances
• Commercial revenues of $143 million, down 4 percent compared with last year
• Home Warranty segment pretax margin of 19.3 percent, or 18.8 percent on an adjusted basis
• Debt-to-capital ratio of 30.3 percent, or 22.5 percent excluding secured financings payable of $689 million
• In April, named one of the 100 Best Companies to Work For by Great Place to Work^® and Fortune Magazine for the ninth consecutive year

Selected Financial Information

($ in millions, except per share data)

		Three Months Ended
		March 31,
		2024				2023
Total revenue		$	1,424.6			$	1,446.1
Income before taxes		$	58.3			$	59.6
Net income		$	46.7			$	45.9
Net income per diluted share		$	0.45			$	0.44
Adjusted net income		$	46.9			$	59.2
Adjusted net income per diluted share		$	0.45			$	0.57

Total revenue for the first quarter of 2024 was $1.4 billion, down 1 percent compared with the first quarter of 2023. Net income in the current quarter was $47 million, or 45 cents per diluted share, compared with net income of $46 million, or 44 cents per diluted share, in the first quarter of 2023. Net investment gains in the current quarter were $9 million, or 7 cents per diluted share, compared with net investment losses of $7 million, or 5 cents per diluted share, in the first quarter of last year. Adjusted net income in the current quarter was $47 million, or 45 cents per diluted share, compared with $59 million, or 57 cents per diluted share, in the first quarter of last year.

“Market conditions in the real estate and mortgage industries continued to be a challenge in the seasonally weak first quarter,” said Ken DeGiorgio, chief executive officer at First American Financial Corporation. “Elevated mortgage rates and low, albeit growing, inventory levels have caused transaction volumes to remain near historically low levels. During this period, we have maintained our focus on managing operating expenses while continuing to invest in long-term strategic initiatives such as expanding our title plant assets and building technology solutions to increase efficiency, reduce risk and enhance our customers’ experience.

"Though we believe these market challenges will persist throughout the year, we continue to expect modest revenue growth and title margins similar to what we achieved in 2023.

“I am pleased that our world-class workforce and culture has been recognized as one of the 100 Best Companies to Work For by Great Place to Work^® and Fortune Magazine for the ninth consecutive year. Though we are the leader in the digital transformation of our industry, fundamentally we are a people business, and it is the quality, talent and dedication of our people that ensure our company’s long-term success.”

Title Insurance and Services
($ in millions, except average revenue per order)

		Three Months Ended
		March 31,
		2024				2023
Total revenues		$	1,319.8			$	1,348.6
Income before taxes		$	72.7			$	88.2
Pretax margin			5.5	%			6.5	%
Adjusted pretax margin			4.8	%			6.8	%
Title open orders(1)			155,500				172,600
Title closed orders(1)			102,700				106,600
U.S. Commercial
Total revenues		$	142.8			$	148.4
Open orders			25,800				25,600
Closed orders			14,300				14,900
Average revenue per order		$	10,000			$	9,900
(1) U.S. direct title insurance orders only.

Total revenues for the Title Insurance and Services segment during the first quarter were $1.3 billion, down 2 percent compared with the same quarter of 2023. Direct premiums and escrow fees declined 1 percent compared with the first quarter of last year, driven by a 4 percent decline in the number of direct title orders closed in our domestic operations, partly offset by a 3 percent increase in the average revenue per order closed. The average revenue per direct title order increased to $3,516, primarily attributable to a shift in the mix from lower premium default transactions to higher premium purchase transactions and an increase in the average revenue per order for purchase transactions. Agent premiums, which are recorded on approximately a one-quarter lag relative to direct premiums, declined 5 percent in the current quarter as compared with last year.

Information and other revenues were $217 million during the quarter, down $4 million, or 2 percent, compared with last year. This decline was primarily due to an increase in the capture rate of title premiums from an affiliated title agent, which caused a decline in information and other revenue and a comparable increase in direct premium and escrow fees.

Investment income was $117 million in the first quarter, down $8 million compared with the same quarter last year. The decline was primarily driven by lower average interest-bearing balances in the company’s escrow and tax-deferred property exchange balances, partly offset by higher interest income from the company's warehouse lending business. Net investment gains totaled $19 million in the current quarter, compared with net investment gains of $7 million in the first quarter of 2023. Net investment gains in both periods were primarily attributable to a favorable change in the fair value of marketable equity securities, partly offset by losses recognized on the sale of fixed-income securities.

Personnel costs were $453 million in the first quarter, down $6 million, or 1 percent, compared with the same quarter of 2023. The decline in personnel costs was primarily due to lower salary expense driven by lower headcount.

Other operating expenses were $234 million in the first quarter, an increase of $10 million, or 4 percent, compared with the first quarter of 2023. The increase was primarily attributable to a $6 million write-off of uncollectible balances and higher legal expense.

The provision for policy losses and other claims was $29 million in the first quarter, or 3.0 percent of title premiums and escrow fees, down from the 3.5 percent loss provision rate in the prior year. The first quarter rate reflects an ultimate loss rate of 3.75 percent for the current policy year and a net decrease of $7 million in the loss reserve estimate for prior policy years.

Depreciation and amortization expense was $49 million in the first quarter, up $5 million, or 10 percent, compared with the same period last year, due to higher amortization of capitalized software from recently deployed digital settlement products.

Interest expense was $22 million in the current quarter, up $6 million, or 41 percent from last year primarily due to higher interest expense in the company's warehouse lending business.

Pretax income for the Title Insurance and Services segment was $73 million in the first quarter, compared with $88 million in the first quarter of 2023. Pretax margin was 5.5 percent in the current quarter, compared with 6.5 percent last year. Adjusted pretax margin was 4.8 percent in the current period, compared with 6.8 percent last year.

Home Warranty
($ in millions)

		Three Months Ended
		March 31,
		2024				2023
Total revenues		$	105.2			$	103.7
Income before taxes		$	20.3			$	15.9
Pretax margin			19.3	%			15.3	%
Adjusted pretax margin			18.8	%			15.2	%

Total revenues for the Home Warranty segment were $105 million in the first quarter, up $1 million, or 1 percent, compared with the first quarter of 2023. The segment posted pretax income of $20 million this quarter, compared with $16 million last year. The claim loss rate was 41.7 percent in the first quarter, compared with 47.3 percent last year, due to fewer claims and lower claim severity. Home Warranty’s pretax margin was 19.3 percent this quarter, compared with 15.3 percent last year. Adjusted pretax margin was 18.8 percent this quarter, compared with 15.2 percent last year.

Corporate

Net investment income was $11 million this quarter, primarily attributable to changes in the value of investments associated with the company’s deferred compensation program. This amount was largely offset by higher personnel expense reflecting returns on the plan participants’ investments.

Net recognized investment losses were $11 million this quarter, compared with losses of $14 million last year. Excluding these losses, the Corporate pretax loss declined by $6 million this quarter compared with last year due to reduced costs related to the property and casualty business wind down and lower interest expense resulting from the repayment of the company's $250 million senior notes, which matured in February 2023.

Teleconference/Webcast

First American’s first quarter 2024 results will be discussed in more detail on Thursday, April 25, 2024, at 11 a.m. EDT, via teleconference. The toll-free dial-in number is +1-877-407-8293. Callers from outside the United States may dial +1-201-689-8349.

The live audio webcast of the call will be available on First American’s website at www.firstam.com/investor. An audio replay of the conference call will be available through May 9, 2024, by dialing +1-201-612-7415 and using the conference ID 13745815. An audio archive of the call will also be available on First American’s investor website.

About First American

First American Financial Corporation (NYSE: FAF) is a premier provider of title, settlement and risk solutions for real estate transactions. With its combination of financial strength and stability built over 135 years, innovative proprietary technologies, and unmatched data assets, the company is leading the digital transformation of its industry. First American also provides data products to the title industry and other third parties; valuation products and services; mortgage subservicing; home warranty products; banking, trust and wealth management services; and other related products and services. With total revenue of $6.0 billion in 2023, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2024, First American was named one of the 100 Best Companies to Work For by Great Place to Work^® and Fortune Magazine for the ninth consecutive year. The company was named one of the 100 Best Workplaces for Innovators by Fast Company in 2023. More information about the company can be found at www.firstam.com.

Website Disclosure

First American posts information of interest to investors at www.firstam.com/investor. This includes opened and closed title insurance order counts for its U.S. direct title insurance operations, which are posted approximately 10 to 12 days after the end of each month.

Forward-Looking Statements

Certain statements made in this press release and the related management commentary contain, and responses to investor questions may contain, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and may contain the words “believe,” “anticipate,” “expect,” “intend,” “plan,” “predict,” “estimate,” “project,” “will be,” “will continue,” “will likely result,” or other similar words and phrases or future or conditional verbs such as “will,” “may,” “might,” “should,” “would,” or “could.” These forward-looking statements include, without limitation, statements regarding future operations, performance, financial condition, prospects, plans and strategies. These forward-looking statements are based on current expectations and assumptions that may prove to be incorrect. Risks and uncertainties exist that may cause results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements include, without limitation: interest rate fluctuations; changes in conditions of the real estate markets; volatility in the capital markets; unfavorable economic conditions; impairments in the company’s goodwill or other intangible assets; failures at financial institutions where the company deposits funds; regulatory oversight and changes in applicable laws and government regulations, including privacy and data protection laws; heightened scrutiny by legislators and regulators of the company’s title insurance and services segment and certain other of the company’s businesses; regulation of title insurance rates; limitations on access to public records and other data; climate change, health crises, terrorist attacks, severe weather conditions and other catastrophe events; changes in relationships with large mortgage lenders and government-sponsored enterprises; changes in measures of the strength of the company’s title insurance underwriters, including ratings and statutory capital and surplus; losses in the company’s investment portfolio or venture investment portfolio; material variance between actual and expected claims experience; defalcations, increased claims or other costs and expenses attributable to the company’s use of title agents; any inadequacy in the company’s risk management framework or use of models; systems damage, failures, interruptions, cyberattacks and intrusions, or unauthorized data disclosures; innovation efforts of the company and other industry participants and any related market disruption; errors and fraud involving the transfer of funds; failures to recruit and retain qualified employees; the company’s use of a global workforce; inability of the company to fulfill parent company obligations and/or pay dividends; inability to realize anticipated synergies or produce returns that justify investment in acquired businesses; a reduction in the deposits at the company’s federal savings bank subsidiary; claims of infringement or inability to adequately protect the company’s intellectual property; and other factors described in the company’s annual report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission. The forward-looking statements speak only as of the date they are made. The company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Use of Non-GAAP Financial Measures

This news release and related management commentary contain certain financial measures that are not presented in accordance with generally accepted accounting principles (GAAP), including an adjusted debt to capitalization ratio, personnel and other operating expense ratios, success ratios, net operating revenues; and adjusted revenues, adjusted pretax income, adjusted pretax margin, adjusted net income, and adjusted earnings per share. The company is presenting these non-GAAP financial measures because they provide the company’s management and investors with additional insight into the financial leverage, operational efficiency and performance of the company relative to earlier periods and relative to the company’s competitors. The company does not intend for these non-GAAP financial measures to be a substitute for any GAAP financial information. In this news release, these non-GAAP financial measures have been presented with, and reconciled to, the most directly comparable GAAP financial measures. Investors should use these non-GAAP financial measures only in conjunction with the comparable GAAP financial measures.

First American Financial Corporation
Summary of Consolidated Financial Results and Selected Information
(in millions, except per share amounts and title orders, unaudited)
		Three Months Ended
		March 31,
		2024				2023
Total revenues		$	1,424.6			$	1,446.1
Income before income taxes		$	58.3			$	59.6
Income tax expense			11.6				13.6
Net income			46.7				46.0
Less: Net income attributable to noncontrolling interests			-				0.1
Net income attributable to the Company		$	46.7			$	45.9
Net income per share attributable to stockholders:
Basic		$	0.45			$	0.44
Diluted		$	0.45			$	0.44
Cash dividends declared per share		$	0.53			$	0.52
Weighted average common shares outstanding:
Basic			104.1				104.5
Diluted			104.4				104.8
Selected Title Insurance Segment Information
Title orders opened(1)			155,500				172,600
Title orders closed(1)			102,700				106,600
Paid title claims		$	48.1			$	42.7
(1) U.S. direct title insurance orders only.

First American Financial Corporation
Selected Consolidated Balance Sheet Information
(in millions, unaudited)
		March 31,				December 31,
		2024				2023
Cash and cash equivalents		$	1,506.4			$	3,605.3
Investments			7,864.5				7,948.9
Goodwill and other intangible assets, net			1,954.9				1,961.3
Total assets			14,697.8				16,802.8
Reserve for claim losses			1,261.6				1,282.4
Notes and contracts payable			1,396.0				1,393.9
Total stockholders’ equity		$	4,787.1			$	4,848.1

First American Financial Corporation
Segment Information
(in millions, unaudited)
Three Months Ended						Title			Home			Corporate
March 31, 2024		Consolidated				Insurance			Warranty			(incl. Elims.)
Revenues
Direct premiums and escrow fees		$	500.9			$	403.2		$	97.7		$	(0.0	)
Agent premiums			563.8				563.8			—			—
Information and other			223.0				217.2			5.9			(0.1	)
Net investment income			127.9				116.7			0.9			10.3
Net investment gains (losses)			9.0				18.9			0.7			(10.6	)
			1,424.6				1,319.8			105.2			(0.4	)
Expenses
Personnel costs			484.9				452.5			19.8			12.6
Premiums retained by agents			447.8				447.8			—			—
Other operating expenses			265.8				233.7			22.1			10.0
Provision for policy losses and other claims			69.5				29.0			40.7			(0.2	)
Depreciation and amortization			50.1				48.8			1.3			0.0
Premium taxes			13.9				12.9			1.0			—
Interest			34.3				22.4			—			11.9
			1,366.3				1,247.1			84.9			34.3
Income (loss) before income taxes		$	58.3			$	72.7		$	20.3		$	(34.7	)
Three Months Ended						Title			Home			Corporate
March 31, 2023		Consolidated				Insurance			Warranty			(incl. Elims.)
Revenues
Direct premiums and escrow fees		$	502.2			$	405.6		$	96.6		$	(0.0	)
Agent premiums			590.4				590.4			—			—
Information and other			226.9				221.5			5.5			(0.1	)
Net investment income			134.0				124.6			1.4			8.0
Net investment (losses) gains			(7.4	)			6.5			0.2			(14.1	)
			1,446.1				1,348.6			103.7			(6.2	)
Expenses
Personnel costs			487.6				458.8			19.2			9.6
Premiums retained by agents			469.0				469.0			—			—
Other operating expenses			258.5				224.1			20.6			13.8
Provision for policy losses and other claims			82.3				34.9			45.7			1.7
Depreciation and amortization			45.5				44.2			1.3			(0.0	)
Premium taxes			14.5				13.5			1.0			—
Interest			29.1				15.9			—			13.2
			1,386.5				1,260.4			87.8			38.3
Income (loss) before income taxes		$	59.6			$	88.2		$	15.9		$	(44.5	)

First American Financial Corporation
Reconciliation of Non-GAAP Financial Measures
(in millions, except margin and per share amounts, unaudited)
Consolidated
		Three Months Ended
		March 31,
		2024				2023
Total revenues		$	1,424.6			$	1,446.1
Non-GAAP adjustments:
Less: Net investment gains (losses)			9.0				(7.4	)
Adjusted total revenues		$	1,415.6			$	1,453.5
Pretax income		$	58.3			$	59.6
Non-GAAP adjustments:
Less: Net investment gains (losses)			9.0				(7.4	)
Plus: Purchase-related intangible amortization			9.2				9.9
Adjusted pretax income		$	58.5			$	76.9
Pretax margin			4.1	%			4.1	%
Non-GAAP adjustments:
Less: Net investment gains (losses)			0.6	%			(0.5	)%
Plus: Purchase-related intangible amortization			0.6	%			0.7	%
Adjusted pretax margin			4.1	%			5.3	%
Net income		$	46.7			$	45.9
Non-GAAP adjustments, net of tax:
Less: Net investment gains (losses)			7.2				(5.7	)
Plus: Purchase-related intangible amortization			7.4				7.6
Adjusted net income		$	46.9			$	59.2
Earnings per diluted share (EPS)		$	0.45			$	0.44
Non-GAAP adjustments, net of tax:
Less: Net investment gains (losses)			0.07				(0.05	)
Plus: Purchase-related intangible amortization			0.07				0.07
Adjusted EPS		$	0.45			$	0.57
Purchase-related intangible amortization includes amortization of noncompete agreements, customer relationships, and trademarks acquired in business combinations.
Totals may not sum due to rounding.

First American Financial Corporation
Reconciliation of Non-GAAP Financial Measures
(in millions except margin, unaudited)
By Segment
		Three Months Ended
		March 31,
		2024				2023
Title Insurance and Services Segment
Total revenues		$	1,319.8			$	1,348.6
Non-GAAP adjustments:
Less: Net investment gains			18.9				6.5
Adjusted total revenues		$	1,300.9			$	1,342.1
Pretax income		$	72.7			$	88.2
Non-GAAP adjustments:
Less: Net investment gains			18.9				6.5
Plus: Purchase-related intangible amortization			9.2				9.9
Adjusted pretax income		$	63.0			$	91.6
Pretax margin			5.5	%			6.5	%
Non-GAAP adjustments:
Less: Net investment gains			1.4	%			0.4	%
Plus: Purchase-related intangible amortization			0.7	%			0.7	%
Adjusted pretax margin			4.8	%			6.8	%
Home Warranty Segment
Total revenues		$	105.2			$	103.7
Non-GAAP adjustments:
Less: Net investment gains			0.7				0.2
Adjusted total revenues		$	104.5			$	103.5
Pretax income		$	20.3			$	15.9
Non-GAAP adjustments:
Less: Net investment gains			0.7				0.2
Adjusted pretax income		$	19.6			$	15.7
Pretax margin			19.3	%			15.3	%
Non-GAAP adjustments:
Less: Net investment gains			0.5	%			0.1	%
Adjusted pretax margin			18.8	%			15.2	%
Purchase-related intangible amortization includes amortization of noncompete agreements, customer relationships, and trademarks acquired in business combinations.
Totals may not sum due to rounding.

First American Financial Corporation
Expense and Success Ratio Reconciliation
Title Insurance and Services Segment
($ in millions, unaudited)
		Three Months Ended
		March 31,
		2024				2023
Total revenues		$	1,319.8			$	1,348.6
Less: Net investment gains			18.9				6.5
Net investment income			116.7				124.6
Premiums retained by agents			447.8				469.0
Net operating revenues		$	736.4			$	748.5
Personnel and other operating expenses		$	686.2			$	682.9
Ratio (% net operating revenues)			93.2	%			91.2	%
Ratio (% total revenues)			52.0	%			50.6	%
Change in net operating revenues		$	(12.1	)
Change in personnel and other operating expenses			3.3
Success Ratio(1)			-27	%
(1) Change in personnel and other operating expenses divided by change in net operating revenues.

First American Financial Corporation
Supplemental Direct Title Insurance Order Information(1)
(unaudited)
		Q124				Q423				Q323				Q223				Q123
Open Orders per Day
Purchase			1,498				1,105				1,461				1,584				1,459
Refinance			332				325				356				355				349
Refinance as % of residential orders			18	%			23	%			20	%			18	%			19	%
Commercial			416				349				399				402				412
Default and other			263				231				280				387				564
Total open orders per day			2,508				2,010				2,497				2,728				2,784
Closed Orders per Day
Purchase			939				930				1,141				1,171				936
Refinance			240				221				280				279				248
Refinance as % of residential orders			20	%			19	%			20	%			19	%			21	%
Commercial			231				252				236				239				241
Default and other			247				219				249				315				294
Total closed orders per day			1,656				1,623				1,905				2,005				1,719
Average Revenue per Order (ARPO)(2)
Purchase		$	3,360			$	3,421			$	3,474			$	3,472			$	3,302
Refinance			1,151				1,284				1,227				1,258				1,283
Commercial			9,989				11,001				10,763				11,614				9,926
Default and other			363				421				469				314				315
Total ARPO		$	3,516			$	3,899			$	3,653			$	3,640			$	3,428
Business Days			62				62				63				64				62
(1) U.S. operations only.
(2) Average revenue per order (ARPO) defined as direct premiums and escrow fees divided by closed title orders.
Totals may not sum due to rounding.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240424593866/en/

Media Contact:

Marcus Ginnaty

Corporate Communications

First American Financial Corporation

714-250-3298

Investor Contact:

Craig Barberio

Investor Relations

First American Financial Corporation

714-250-5214

Source: First American Financial Corporation

FAQ

What were the earnings per diluted share for First American Financial in the first quarter of 2024?

The earnings per diluted share for First American Financial in the first quarter of 2024 were $0.45.

What was the total revenue reported by First American Financial for the first quarter of 2024?

First American Financial reported a total revenue of $1.4 billion for the first quarter of 2024, down 1% compared to the previous year.

What challenges did First American Financial face in the real estate and mortgage industries according to the first-quarter report?

First American Financial faced challenges in the real estate and mortgage industries due to high mortgage rates and low inventory levels.

How was First American Financial recognized in the first quarter of 2024?

First American Financial was recognized as one of the 100 Best Companies to Work For by Great Place to Work® and Fortune Magazine for the ninth consecutive year.