Stewart Reports First Quarter 2025 Results
Stewart Information Services (NYSE: STC) reported its Q1 2025 financial results with total revenues of $612.0 million, up from $554.3 million in Q1 2024. The company achieved net income of $3.1 million ($0.11 per diluted share), matching the same period last year.
Key highlights include:
- Adjusted net income increased to $7.0 million ($0.25 per diluted share) from $4.6 million ($0.17 per diluted share)
- Title segment operating revenues grew 11% to $499.2 million
- Domestic commercial revenues surged 39% with a 13% higher average transaction size
- Real estate solutions segment revenues improved 17% to $97.1 million
The company maintained stable performance despite challenging macro conditions, with improved title segment margins and strong commercial business growth, though experiencing slightly lower domestic non-commercial revenues.
Stewart Information Services (NYSE: STC) ha comunicato i risultati finanziari del primo trimestre 2025 con ricavi totali pari a 612,0 milioni di dollari, in aumento rispetto ai 554,3 milioni di dollari del primo trimestre 2024. L'azienda ha registrato un utile netto di 3,1 milioni di dollari (0,11 dollari per azione diluita), in linea con lo stesso periodo dell'anno precedente.
I punti salienti includono:
- L'utile netto rettificato è salito a 7,0 milioni di dollari (0,25 dollari per azione diluita) rispetto ai 4,6 milioni di dollari (0,17 dollari per azione diluita)
- I ricavi operativi del segmento Title sono cresciuti dell'11% raggiungendo 499,2 milioni di dollari
- I ricavi commerciali domestici sono aumentati del 39%, con una dimensione media delle transazioni superiore del 13%
- I ricavi del segmento soluzioni immobiliari sono migliorati del 17%, arrivando a 97,1 milioni di dollari
L'azienda ha mantenuto una performance stabile nonostante condizioni macroeconomiche difficili, con margini migliorati nel segmento Title e una forte crescita del business commerciale, pur registrando un leggero calo dei ricavi domestici non commerciali.
Stewart Information Services (NYSE: STC) informó sus resultados financieros del primer trimestre de 2025 con ingresos totales de 612,0 millones de dólares, frente a los 554,3 millones del primer trimestre de 2024. La compañía logró un ingreso neto de 3,1 millones de dólares (0,11 dólares por acción diluida), igualando el mismo período del año anterior.
Los aspectos más destacados incluyen:
- El ingreso neto ajustado aumentó a 7,0 millones de dólares (0,25 dólares por acción diluida) desde 4,6 millones (0,17 dólares por acción diluida)
- Los ingresos operativos del segmento Title crecieron un 11% hasta 499,2 millones de dólares
- Los ingresos comerciales nacionales aumentaron un 39%, con un tamaño promedio de transacción un 13% mayor
- Los ingresos del segmento de soluciones inmobiliarias mejoraron un 17%, alcanzando 97,1 millones de dólares
La compañía mantuvo un desempeño estable a pesar de las condiciones macroeconómicas desafiantes, con márgenes mejorados en el segmento Title y un fuerte crecimiento en el negocio comercial, aunque experimentó una leve disminución en los ingresos nacionales no comerciales.
Stewart Information Services (NYSE: STC)는 2025년 1분기 재무 실적을 발표했으며, 총 매출은 6억 1,200만 달러로 2024년 1분기의 5억 5,430만 달러에서 증가했습니다. 회사는 희석 주당 0.11달러, 순이익 310만 달러를 기록하며 전년 동기와 동일한 실적을 달성했습니다.
주요 내용은 다음과 같습니다:
- 조정 순이익은 희석 주당 0.25달러, 700만 달러로 460만 달러(희석 주당 0.17달러)에서 증가
- 타이틀 부문 영업 수익은 11% 증가하여 4억 9,920만 달러 기록
- 국내 상업 매출은 39% 급증했으며 평균 거래 규모도 13% 증가
- 부동산 솔루션 부문 매출은 17% 상승하여 9,710만 달러에 달함
회사는 어려운 거시경제 환경에도 불구하고 안정적인 실적을 유지했으며, 타이틀 부문 마진이 개선되고 상업 부문 사업이 강력하게 성장했으나 국내 비상업 매출은 다소 감소했습니다.
Stewart Information Services (NYSE : STC) a publié ses résultats financiers du premier trimestre 2025 avec un chiffre d'affaires total de 612,0 millions de dollars, en hausse par rapport à 554,3 millions de dollars au premier trimestre 2024. La société a réalisé un bénéfice net de 3,1 millions de dollars (0,11 dollar par action diluée), stable par rapport à la même période l'an dernier.
Les points clés incluent :
- Le bénéfice net ajusté a augmenté à 7,0 millions de dollars (0,25 dollar par action diluée) contre 4,6 millions (0,17 dollar par action diluée)
- Les revenus opérationnels du segment Title ont progressé de 11 % pour atteindre 499,2 millions de dollars
- Les revenus commerciaux domestiques ont bondi de 39 % avec une taille moyenne des transactions en hausse de 13 %
- Les revenus du segment solutions immobilières ont augmenté de 17 % pour atteindre 97,1 millions de dollars
La société a maintenu une performance stable malgré un contexte macroéconomique difficile, avec des marges améliorées dans le segment Title et une forte croissance de l’activité commerciale, tout en enregistrant une légère baisse des revenus domestiques non commerciaux.
Stewart Information Services (NYSE: STC) meldete seine Finanzergebnisse für das erste Quartal 2025 mit einem Gesamtumsatz von 612,0 Millionen US-Dollar, gegenüber 554,3 Millionen US-Dollar im ersten Quartal 2024. Das Unternehmen erzielte einen Nettogewinn von 3,1 Millionen US-Dollar (0,11 US-Dollar je verwässerter Aktie), was dem gleichen Zeitraum des Vorjahres entspricht.
Wichtige Highlights sind:
- Der bereinigte Nettogewinn stieg auf 7,0 Millionen US-Dollar (0,25 US-Dollar je verwässerter Aktie) von 4,6 Millionen US-Dollar (0,17 US-Dollar je verwässerter Aktie)
- Die Betriebserlöse im Title-Segment wuchsen um 11 % auf 499,2 Millionen US-Dollar
- Die inländischen gewerblichen Einnahmen stiegen um 39 % bei einer 13 % höheren durchschnittlichen Transaktionsgröße
- Die Umsätze im Segment Immobilienlösungen verbesserten sich um 17 % auf 97,1 Millionen US-Dollar
Das Unternehmen hielt trotz herausfordernder makroökonomischer Bedingungen eine stabile Leistung aufrecht, mit verbesserten Margen im Title-Segment und starkem Wachstum im gewerblichen Geschäft, verzeichnete jedoch leicht rückläufige inländische nicht-gewerbliche Einnahmen.
- Total revenues increased 10.4% year-over-year to $612.0 million
- Adjusted net income rose 52% to $7.0 million ($0.25 per diluted share)
- Domestic commercial revenues surged 39% with higher transaction volume and size
- Title segment operating revenues grew 11% with improved margins
- Real estate solutions segment revenues increased 17%
- Pretax income declined from $7.1M to $5.9M year-over-year
- Net realized and unrealized gains decreased 57% to $3.1M
- Real estate solutions pretax income dropped 40% to $4.1M
- Operating expenses increased 18% outpacing revenue growth
- Domestic non-commercial revenues slightly declined
Insights
Stewart shows revenue growth and higher adjusted earnings, but flat reported income and margin pressure in real estate solutions segment.
Stewart Information Services 's Q1 2025 results show significant revenue growth but present a mixed financial picture. Total revenues reached
The title segment showed particularly strong performance with a
The real estate solutions segment presents a concern despite
While employee costs as a percentage of revenues improved to
Stewart's ability to grow revenues substantially in what CEO Fred Eppinger described as a "historically challenging macro environment" demonstrates operational resilience, particularly in the high-value commercial segment. However, the combination of flat reported earnings, margin compression in real estate solutions, and negative cash flow indicates underlying challenges that may offset the positive revenue momentum.
- Total revenues of
$612.0 million $608.9 million $554.3 million $547.3 million - Net income of
$3.1 million $7.0 million $3.1 million $4.6 million - Diluted EPS of
$0.11 $0.25 $0.11 $0.17
First quarters 2025 and 2024 results included
"I'm proud of our first quarter 2025 performance as we delivered strong revenue results across all our segments, growing our total revenues compared to the first quarter of last year," commented Fred Eppinger, chief executive officer. "We are pleased with our performance as we were able to deliver these results while navigating a historically challenging macro environment. We remain focused on managing our operations well, growing the company thoughtfully and relentlessly serving our customers."
Selected Financial Information
Summary results of operations are as follows (dollars in millions, except per share amounts, pretax margin and adjusted pretax margin, and amounts may not add as presented due to rounding):
Quarter Ended March 31, | |||
2025 | 2024 | ||
Total revenues | 612.0 | 554.3 | |
Pretax income before noncontrolling interests | 5.9 | 7.1 | |
Income tax expense | (0.5) | (0.9) | |
Net income attributable to noncontrolling interests | (2.3) | (3.1) | |
Net income attributable to Stewart | 3.1 | 3.1 | |
Non-GAAP adjustments, after taxes* | 3.9 | 1.5 | |
Adjusted net income attributable to Stewart* | 7.0 | 4.6 | |
Pretax margin | 1.0 % | 1.3 % | |
Adjusted pretax margin* | 1.8 % | 1.7 % | |
Net income per diluted Stewart share | 0.11 | 0.11 | |
Adjusted net income per diluted Stewart share* | 0.25 | 0.17 | |
*Adjusted net income, adjusted pretax margin and adjusted net income per diluted share are non-GAAP measures. See Appendix A for explanation and reconciliation of non-GAAP adjustments. |
Title Segment
Summary results of the title segment are as follows (dollars in millions, except pretax margin and adjusted pretax margin):
Quarter Ended March 31, | ||||||
2025 | 2024 | % Change | ||||
Operating revenues | 499.2 | 451.4 | 11 % | |||
Investment income | 12.6 | 12.9 | (2 %) | |||
Net realized and unrealized gains | 3.1 | 7.1 | (57 %) | |||
Pretax income | 11.8 | 10.2 | 16 % | |||
Non-GAAP adjustments to pretax income* | (0.3) | (3.7) | ||||
Adjusted pretax income* | 11.5 | 6.5 | 77 % | |||
Pretax margin | 2.3 % | 2.2 % | ||||
Adjusted pretax margin* | 2.2 % | 1.4 % | ||||
| * Adjusted pretax income and adjusted pretax margin are non-GAAP financial measures. See | ||||||
Title segment operating revenues in the first quarter 2025 increased
Title segment combined employee costs and other operating expenses for the first quarter 2025 increased
Title loss expense in the first quarter 2025 was
Direct title revenues information is presented below (dollars in millions):
Quarter Ended March 31, | ||||
2025 | 2024 | % Change | ||
Non-commercial: | ||||
Domestic | 134.4 | 135.3 | (1 %) | |
International | 22.2 | 19.2 | 16 % | |
156.6 | 154.5 | 1 % | ||
Commercial: | ||||
Domestic | 69.3 | 49.7 | 39 % | |
International | 5.8 | 6.4 | (9 %) | |
75.1 | 56.1 | 34 % | ||
Total direct title revenues | 231.7 | 210.6 | 10 % | |
Domestic commercial revenues in the first quarter 2025 improved
Real Estate Solutions Segment
Summary results of the real estate solutions segment are as follows (dollars in millions, except pretax margin and adjusted pretax margin):
Quarter Ended March 31, | ||||
2025 | 2024 | % Change | ||
Operating revenues | 97.1 | 83.0 | 17 % | |
Pretax income | 4.1 | 6.7 | (40 %) | |
Non-GAAP adjustments to pretax income* | 5.5 | 5.6 | ||
Adjusted pretax income* | 9.6 | 12.3 | (22 %) | |
Pretax margin | 4.2 % | 8.1 % | ||
Adjusted pretax margin* | 9.9 % | 14.8 % | ||
* Adjusted pretax income and adjusted pretax margin are non-GAAP financial measures. See | ||||
Segment operating revenues improved
Corporate Segment
The segment's results primarily relate to net expenses attributable to corporate operations which totaled
Expenses
Consolidated employee costs in the first quarter 2025 increased
Consolidated other operating expenses in the first quarter 2025 increased
Other
Net cash used by operations in the first quarter 2025 was
First Quarter Earnings Call
Stewart will hold a conference call to discuss the first quarter 2025 earnings at 8:30 a.m. Eastern Time on Thursday, April 24, 2025. To participate, dial 800-267-6316 (
About Stewart
Stewart (NYSE-STC) is a global real estate services company, offering products and services through our direct operations, network of Stewart Trusted Providers™ and family of companies. From residential and commercial title insurance and closing and settlement services to specialized offerings for the mortgage and real estate industries, we offer the comprehensive service, deep expertise and solutions our customers need for any real estate transaction. At Stewart, we are dedicated to becoming the premier title services company and we are committed to doing so by partnering with our customers to create mutual success. Learn more at stewart.com.
Cautionary statement regarding forward-looking statements. Certain statements in this press release are "forward-looking statements", including statements related to Stewart's future business plans and expectations, including our plans to achieve market growth and pretax margin improvements. Forward-looking statements, by their nature, are subject to various risks and uncertainties that could cause our actual results to differ materially. Such risks and uncertainties include the volatility of general economic conditions, including economic changes that may result from new or increased tariffs, trade restrictions or geopolitical tensions, and adverse changes in the level of real estate activity, as well as a number of other risk and uncertainties discussed in detail in our documents filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024, and if applicable, as supplemented by any risk factors contained in our Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K filed subsequently. We expressly disclaim any obligation to update, amend or clarify any forward-looking statements contained in this press release to reflect events or circumstances that may arise after the date hereof, except as may be required by applicable law.
ST-IR
STEWART INFORMATION SERVICES CORPORATION CONDENSED STATEMENTS OF INCOME (In thousands of dollars, except per share amounts and except where noted)
| |||
Quarter Ended March 31, | |||
2025 | 2024 | ||
Revenues: | |||
Title revenues: | |||
Direct operations | 231,680 | 210,588 | |
Agency operations | 267,518 | 240,772 | |
Real estate solutions | 97,077 | 83,016 | |
Total operating revenues | 596,275 | 534,376 | |
Investment income | 12,656 | 12,901 | |
Net realized and unrealized gains | 3,053 | 7,038 | |
611,984 | 554,315 | ||
Expenses: | |||
Amounts retained by agencies | 221,377 | 199,976 | |
Employee costs | 185,811 | 172,417 | |
Other operating expenses | 160,911 | 136,951 | |
Title losses and related claims | 17,702 | 17,383 | |
Depreciation and amortization | 15,322 | 15,384 | |
Interest | 4,961 | 5,058 | |
606,084 | 547,169 | ||
Income before taxes and noncontrolling interests | 5,900 | 7,146 | |
Income tax expense | (484) | (936) | |
Net income | 5,416 | 6,210 | |
Less net income attributable to noncontrolling interests | 2,339 | 3,080 | |
Net income attributable to Stewart | 3,077 | 3,130 | |
Net earnings per diluted share attributable to Stewart | 0.11 | 0.11 | |
Diluted average shares outstanding (000) | 28,341 | 28,027 | |
Selected financial information: | |||
Net cash used by operations | (29,927) | (29,588) | |
Other comprehensive income (loss) | 6,371 | (6,596) | |
First Quarter Domestic Order Counts: | ||||||||||||
Opened Orders 2025: | Jan | Feb | Mar | Total | Closed Orders 2025: | Jan | Feb | Mar | Total | |||
Commercial | 1,336 | 1,364 | 1,628 | 4,328 | Commercial | 1,394 | 1,376 | 1,620 | 4,390 | |||
Purchase | 14,110 | 14,406 | 17,734 | 46,250 | Purchase | 7,784 | 8,562 | 10,434 | 26,780 | |||
Refinancing | 5,481 | 5,655 | 6,426 | 17,562 | Refinancing | 3,142 | 3,074 | 3,682 | 9,898 | |||
Other | 3,370 | 4,784 | 2,649 | 10,803 | Other | 1,413 | 1,507 | 1,685 | 4,605 | |||
Total | 24,297 | 26,209 | 28,437 | 78,943 | Total | 13,733 | 14,519 | 17,421 | 45,673 | |||
Opened Orders 2024: | Jan | Feb | Mar | Total | Closed Orders 2024: | Jan | Feb | Mar | Total | |||
Commercial | 1,142 | 1,359 | 1,192 | 3,693 | Commercial | 1,065 | 1,186 | 1,317 | 3,568 | |||
Purchase | 14,867 | 15,920 | 17,237 | 48,024 | Purchase | 8,941 | 9,843 | 10,960 | 29,744 | |||
Refinancing | 5,419 | 5,391 | 5,561 | 16,371 | Refinancing | 2,935 | 3,108 | 3,310 | 9,353 | |||
Other | 3,983 | 3,836 | 3,428 | 11,247 | Other | 2,618 | 2,566 | 2,610 | 7,794 | |||
Total | 25,411 | 26,506 | 27,418 | 79,335 | Total | 15,559 | 16,703 | 18,197 | 50,459 | |||
STEWART INFORMATION SERVICES CORPORATION CONDENSED BALANCE SHEETS (In thousands of dollars)
| ||
March 31, 2025 | December 31, 2024 | |
Assets: | ||
Cash and cash equivalents | 148,510 | 216,298 |
Short-term investments | 45,716 | 41,199 |
Investments in debt and equity securities, at fair value | 674,842 | 669,098 |
Receivables – premiums from agencies | 35,984 | 36,753 |
Receivables – other | 129,607 | 111,735 |
Allowance for uncollectible amounts | (8,407) | (7,725) |
Property and equipment, net | 84,638 | 87,613 |
Operating lease assets, net | 99,458 | 102,210 |
Title plants | 74,955 | 74,862 |
Goodwill | 1,092,747 | 1,084,139 |
Intangible assets, net of amortization | 165,156 | 173,075 |
Deferred tax assets | 4,401 | 4,827 |
Other assets | 159,489 | 136,061 |
2,707,096 | 2,730,145 | |
Liabilities: | ||
Notes payable | 445,860 | 445,841 |
Accounts payable and accrued liabilities | 198,554 | 214,580 |
Operating lease liabilities | 114,323 | 118,835 |
Estimated title losses | 510,790 | 511,534 |
Deferred tax liabilities | 29,706 | 28,266 |
1,299,233 | 1,319,056 | |
Stockholders' equity: | ||
Common Stock and additional paid-in capital | 361,741 | 358,721 |
Retained earnings | 1,078,378 | 1,089,484 |
Accumulated other comprehensive loss | (37,026) | (43,397) |
Treasury stock | (2,666) | (2,666) |
Stockholders' equity attributable to Stewart | 1,400,427 | 1,402,142 |
Noncontrolling interests | 7,436 | 8,947 |
Total stockholders' equity | 1,407,863 | 1,411,089 |
2,707,096 | 2,730,145 | |
Number of shares outstanding (000) | 27,919 | 27,764 |
Book value per share | 50.16 | 50.50 |
STEWART INFORMATION SERVICES CORPORATION SEGMENT INFORMATION (In thousands of dollars)
| |||||||||
Quarter Ended: | March 31, 2025 | March 31, 2024 | |||||||
Title | Real | Corporate | Total | Title | Real | Corporate | Total | ||
Revenues: | |||||||||
Operating revenues | 499,198 | 97,077 | - | 596,275 | 451,360 | 83,016 | - | 534,376 | |
Investment income | 12,621 | 35 | - | 12,656 | 12,876 | 25 | - | 12,901 | |
Net realized and unrealized gains (losses) | 3,055 | - | (2) | 3,053 | 7,116 | - | (78) | 7,038 | |
514,874 | 97,112 | (2) | 611,984 | 471,352 | 83,041 | (78) | 554,315 | ||
Expenses: | |||||||||
Amounts retained by agencies | 221,377 | - | - | 221,377 | 199,976 | - | - | 199,976 | |
Employee costs | 168,487 | 13,736 | 3,588 | 185,811 | 156,803 | 12,217 | 3,397 | 172,417 | |
Other operating expenses | 86,505 | 72,943 | 1,463 | 160,911 | 77,901 | 57,817 | 1,234 | 136,952 | |
Title losses and related claims | 17,702 | - | - | 17,702 | 17,383 | - | - | 17,383 | |
Depreciation and amortization | 8,614 | 6,372 | 336 | 15,322 | 8,729 | 6,275 | 380 | 15,384 | |
Interest | 422 | 2 | 4,537 | 4,961 | 379 | - | 4,679 | 5,058 | |
503,107 | 93,053 | 9,924 | 606,084 | 461,171 | 76,309 | 9,690 | 547,170 | ||
Income (loss) before taxes | 11,767 | 4,059 | (9,926) | 5,900 | 10,181 | 6,732 | (9,768) | 7,145 | |
Appendix A
Non-GAAP Adjustments
Management uses a variety of financial and operational measurements other than its financial statements prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) to analyze its performance. These include: (1) adjusted revenues, which are reported revenues adjusted for net realized and unrealized gains and losses and (2) adjusted pretax income and adjusted net income, which are reported pretax income and reported net income after earnings from noncontrolling interests, respectively, adjusted for net realized and unrealized gains and losses, acquisition intangible asset amortization and other expenses (acquisition-related), and office closure costs and severance expenses. Adjusted diluted earnings per share (adjusted diluted EPS) is calculated using adjusted net income divided by the diluted average weighted outstanding shares. Adjusted pretax margin is calculated using adjusted pretax income divided by adjusted total revenues. Management views these measures as important performance measures of core profitability for its operations and as key components of its internal financial reporting. Management believes investors benefit from having access to the same financial measures that management uses.
Below are reconciliations of the non-GAAP financial measures used by management to the most directly comparable GAAP measures for the quarter ended March 31, 2025 and 2024 (dollars in millions, except shares, per share amounts and pretax margins, and amounts may not add as presented due to rounding).
Quarter Ended March 31, | ||||
2025 | 2024 | % Chg | ||
Total revenues | 612.0 | 554.3 | 10 % | |
Non-GAAP revenue adjustments: | ||||
Net realized and unrealized gains | (3.1) | (7.0) | ||
Adjusted total revenues | 608.9 | 547.3 | 11 % | |
Details of net realized and unrealized gains: | ||||
Unrealized gains on equity securities fair value | 3.2 | 7.2 | ||
Gains on acquisition liability adjustments | 0.2 | - | ||
Net losses on sale of securities investments | (0.3) | (0.1) | ||
Other items, net | - | (0.1) | ||
Total net realized and unrealized gains | 3.1 | 7.0 | ||
Pretax income | 5.9 | 7.1 | (17 %) | |
Non-GAAP pretax adjustments: | ||||
Net realized and unrealized gains | (3.1) | (7.0) | ||
Acquisition intangible asset amortization and other expenses | 8.3 | 8.5 | ||
Office closure and severance expenses | - | 0.5 | ||
Adjusted pretax income | 11.2 | 9.1 | 22 % | |
GAAP pretax margin | 1.0 % | 1.3 % | ||
Adjusted pretax margin | 1.8 % | 1.7 % | ||
Quarter Ended March 31, | |||||||||
2025 | 2024 | % Chg | |||||||
Net income attributable to Stewart | 3.1 | 3.1 | 0 % | ||||||
Non-GAAP pretax adjustments: | |||||||||
Net realized and unrealized gains | (3.1) | (7.0) | |||||||
Acquisition intangible asset amortization and other expenses | 8.3 | 8.5 | |||||||
Office closure and severance expenses | - | 0.5 | |||||||
Net tax effects of non-GAAP adjustments | (1.4) | (0.5) | |||||||
Non-GAAP adjustments, after taxes | 3.9 | 1.5 | |||||||
Adjusted net income attributable to Stewart | 7.0 | 4.6 | 51 % | ||||||
Diluted average shares outstanding (000) | 28,341 | 28,027 | |||||||
GAAP net income per share | 0.11 | 0.11 | |||||||
Adjusted net income per share | 0.25 | 0.17 | |||||||
Quarter Ended March 31, | ||||
2025 | 2024 | % Chg | ||
Title Segment:
| ||||
Total revenues | 514.9 | 471.4 | 9 % | |
Net realized and unrealized gains | (3.1) | (7.1) | ||
Adjusted total revenues | 511.8 | 464.2 | 10 % | |
Pretax income | 11.8 | 10.2 | 16 % | |
Non-GAAP revenue adjustments: | ||||
Net realized and unrealized gains | (3.1) | (7.1) | ||
Acquisition intangible asset amortization and other expenses | 2.8 | 2.9 | ||
Office closure and severance expenses | - | 0.5 | ||
Adjusted pretax income | 11.5 | 6.5 | 77 % | |
GAAP pretax margin | 2.3 % | 2.2 % | ||
Adjusted pretax margin | 2.2 % | 1.4 % | ||
Real Estate Solutions Segment: | ||||
Total revenues | 97.1 | 83.0 | 17 % | |
Pretax income | 4.1 | 6.7 | (40 %) | |
Non-GAAP revenue adjustment: | ||||
Acquisition intangible asset amortization | 5.5 | 5.6 | ||
Adjusted pretax income | 9.6 | 12.3 | (22 %) | |
GAAP pretax margin | 4.2 % | 8.1 % | ||
Adjusted pretax margin | 9.9 % | 14.8 % | ||
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SOURCE Stewart Information Services Corporation
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