Stewart Reports Fourth Quarter and Full Year 2024 Results
Stewart Information Services (NYSE: STC) reported strong financial results for Q4 and full-year 2024. Q4 total revenues reached $665.9 million, up from $582.2 million in Q4 2023. Net income increased to $22.7 million ($0.80 per diluted share) compared to $8.8 million ($0.32 per diluted share) in Q4 2023.
The title segment showed significant growth with operating revenues improving 12% to $562.7 million. Notably, domestic commercial revenues surged 50% with a 33% higher average fee per file of $19,600. The real estate solutions segment saw a 42% revenue increase to $87.0 million.
Full-year 2024 performance demonstrated substantial improvement with net income of $73.3 million ($2.61 per diluted share) versus $30.4 million ($1.11 per diluted share) in 2023.
Stewart Information Services (NYSE: STC) ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024. I ricavi totali del quarto trimestre hanno raggiunto $665.9 milioni, in aumento rispetto ai $582.2 milioni nel quarto trimestre del 2023. Il reddito netto è aumentato a $22.7 milioni ($0.80 per azione diluita) rispetto agli $8.8 milioni ($0.32 per azione diluita) nel quarto trimestre del 2023.
Il segmento titoli ha mostrato una significativa crescita con ricavi operativi aumentati del 12% a $562.7 milioni. In particolare, i ricavi commerciali nazionali sono aumentati del 50% con una tariffa media per file maggiore del 33% pari a $19,600. Il segmento delle soluzioni immobiliari ha visto un aumento dei ricavi del 42% a $87.0 milioni.
Le performance dell'intero anno 2024 hanno dimostrato un miglioramento sostanziale con un reddito netto di $73.3 milioni ($2.61 per azione diluita) rispetto ai $30.4 milioni ($1.11 per azione diluita) nel 2023.
Stewart Information Services (NYSE: STC) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. Los ingresos totales del cuarto trimestre alcanzaron $665.9 millones, un aumento respecto a los $582.2 millones en el cuarto trimestre de 2023. El ingreso neto aumentó a $22.7 millones ($0.80 por acción diluida) en comparación con $8.8 millones ($0.32 por acción diluida) en el cuarto trimestre de 2023.
El segmento de títulos mostró un crecimiento significativo con ingresos operativos mejorando un 12% a $562.7 millones. Notablemente, los ingresos comerciales nacionales se dispararon un 50% con una tarifa media por archivo un 33% más alta de $19,600. El segmento de soluciones inmobiliarias vio un aumento del 42% en los ingresos, alcanzando los $87.0 millones.
El rendimiento del año completo 2024 demostró una mejora sustancial con un ingreso neto de $73.3 millones ($2.61 por acción diluida) frente a los $30.4 millones ($1.11 por acción diluida) en 2023.
스튜어트 정보 서비스 (NYSE: STC)는 2024년 4분기 및 전체 연도에 대한 강력한 재무 결과를 보고했습니다. 4분기 총 수익은 $665.9 백만에 도달했으며, 이는 2023년 4분기의 $582.2 백만에서 증가한 수치입니다. 순이익은 $22.7 백만 ($0.80 희석 주당)으로 증가했으며, 이는 2023년 4분기의 $8.8 백만 ($0.32 희석 주당)과 비교됩니다.
타이틀 부문은 운영 수익이 12% 증가하여 $562.7 백만에 이르며 상당한 성장을 보여주었습니다. 특히, 국내 상업 수익이 50% 급증했으며, 파일당 평균 수수료는 33% 증가하여 $19,600에 달했습니다. 부동산 솔루션 부문은 $87.0 백만에 달하는 42%의 수익 증가를 보았습니다.
2024년 전체 연도 성과는 순이익이 $73.3 백만 ($2.61 희석 주당)으로, 2023년의 $30.4 백만 ($1.11 희석 주당) 대비 실질적으로 개선되었습니다.
Stewart Information Services (NYSE: STC) a publié de bons résultats financiers pour le quatrième trimestre et l'année complète 2024. Les revenus totaux du quatrième trimestre ont atteint $665.9 millions, en hausse par rapport à $582.2 millions au quatrième trimestre 2023. Le bénéfice net a augmenté à $22.7 millions ($0.80 par action diluée) par rapport à $8.8 millions ($0.32 par action diluée) au quatrième trimestre 2023.
Le segment des titres a montré une croissance significative avec des revenus opérationnels en hausse de 12% à $562.7 millions. Notamment, les revenus commerciaux nationaux ont bondi de 50% avec des frais moyens par dossier supérieurs de 33%, atteignant $19,600. Le segment des solutions immobilières a connu une augmentation des revenus de 42%, atteignant $87.0 millions.
La performance de l'année 2024 a montré une amélioration substantielle avec un bénéfice net de $73.3 millions ($2.61 par action diluée) contre $30.4 millions ($1.11 par action diluée) en 2023.
Stewart Information Services (NYSE: STC) berichtete über starke Finanzergebnisse für das vierte Quartal und das gesamte Jahr 2024. Die Gesamteinnahmen des vierten Quartals belaufen sich auf $665.9 Millionen, ein Anstieg von $582.2 Millionen im vierten Quartal 2023. Der Nettogewinn stieg auf $22.7 Millionen ($0.80 pro verwässerter Aktie) im Vergleich zu $8.8 Millionen ($0.32 pro verwässerter Aktie) im vierten Quartal 2023.
Der Titelbereich zeigte ein signifikantes Wachstum mit operativen Einnahmen, die um 12% auf $562.7 Millionen gestiegen sind. Besonders bemerkenswert ist, dass die Einnahmen aus inländischen Geschäften um 50% gestiegen sind, mit einer um 33% höheren durchschnittlichen Gebühr pro Datei von $19,600. Der Bereich Immobilienlösungen verzeichnete einen Einnahmenanstieg von 42% auf $87.0 Millionen.
Die Leistung für das gesamte Jahr 2024 zeigte eine erhebliche Verbesserung mit einem Nettogewinn von $73.3 Millionen ($2.61 pro verwässerter Aktie) im Vergleich zu $30.4 Millionen ($1.11 pro verwässerter Aktie) im Jahr 2023.
- Q4 revenue increased 14.4% YoY to $665.9 million
- Q4 net income grew 158% YoY to $22.7 million
- Domestic commercial revenues surged 50% with higher transaction sizes
- Real estate solutions segment revenue up 42% YoY
- Employee costs as percentage of revenue improved to 30.7% from 31.6%
- Real estate solutions pretax margin declined to 1.1% from 2.3%
- Other operating expenses increased to 24.5% of revenue from 22.5%
- Average domestic residential fee per file decreased 8% to $2,900
Insights
Stewart's Q4 2024 results reveal a company successfully navigating challenging market conditions through strategic operational improvements and market share gains. The standout metric is the
The title segment's performance is particularly noteworthy, with several key positive indicators:
- Adjusted pretax margin expanded to
8.8% from6.1% year-over-year, showing improved operational efficiency - Commercial revenue surge of
50% domestically, with average fee per file increasing33% to$19,600 , indicates a strategic shift toward higher-margin business - Title loss expense ratio improved to
3.7% from4.1% , reflecting better risk management
While the real estate solutions segment showed impressive top-line growth of
The company's improved cash flow generation, with operating cash flow increasing to
- Total revenues of
$665.9 million $664.2 million $582.2 million $577.4 million - Net income of
$22.7 million $31.5 million $8.8 million $16.6 million - Diluted earnings per share of
$0.80 $1.12 $0.32 $0.60 - Full year 2024 net income of
$73.3 million $94.4 million $30.4 million $66.6 million - Full year 2024 diluted earnings per share of
$2.61 $3.35 $1.11 $2.42
Fourth quarter 2024 results included
"We are pleased with our fourth quarter and full year 2024 results as they demonstrate both our progress and resilience in these continued challenging macro-housing conditions," commented Fred Eppinger, chief executive officer. "We continue to improve on our operations to win share and fortify our position and look forward to continuing to do so in 2025. We remain focused on our pursuit of growth and margin improvement across all business lines."
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 December 31, | Year Ended December 31, | ||||
2024 | 2023 | 2024 | 2023 | ||
Total revenues | 665.9 | 582.2 | 2,490.4 | 2,257.3 | |
Pretax income before noncontrolling interests | 35.4 | 18.8 | 114.3 | 60.9 | |
Income tax expense | (8.2) | (5.7) | (26.2) | (15.3) | |
Net income attributable to noncontrolling interests | (4.5) | (4.3) | (14.8) | (15.2) | |
Net income attributable to Stewart | 22.7 | 8.8 | 73.3 | 30.4 | |
Non-GAAP adjustments, after taxes* | 8.8 | 7.8 | 21.1 | 36.2 | |
Adjusted net income attributable to Stewart* | 31.5 | 16.6 | 94.4 | 66.6 | |
Pretax margin | 5.3 % | 3.2 % | 4.6 % | 2.7 % | |
Adjusted pretax margin* | 7.1 % | 5.0 % | 5.8 % | 4.8 % | |
Net income per diluted Stewart share | 0.80 | 0.32 | 2.61 | 1.11 | |
Adjusted net income per diluted Stewart share* | 1.12 | 0.60 | 3.35 | 2.42 | |
* 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 December 31, | ||||||
2024 | 2023 | % Change | ||||
Operating revenues | 562.7 | 502.9 | 12 % | |||
Investment income | 14.5 | 13.0 | 12 % | |||
Net realized and unrealized gains | 2.8 | 5.1 | (46 %) | |||
Pretax income | 45.2 | 27.3 | 65 % | |||
Non-GAAP adjustments to pretax income* | 5.3 | 4.0 | ||||
Adjusted pretax income* | 50.5 | 31.4 | 61 % | |||
Pretax margin | 7.8 % | 5.2 % | ||||
Adjusted pretax margin* | 8.8 % | 6.1 % | ||||
* Adjusted pretax income and adjusted pretax margin are non-GAAP financial measures. See Appendix A for explanation and reconciliation of non-GAAP adjustments. | ||||||
Title segment operating revenues in the fourth quarter 2024 improved
Total title segment employee costs and other operating expenses for the fourth quarter 2024 increased
Title loss expense in the fourth quarter 2024 was
In addition to the net realized and unrealized gains presented above, non-GAAP adjustments to the title segment's pretax income for the fourth quarters 2024 and 2023 included
Direct title revenues information is presented below (dollars in millions):
Quarter Ended December 31, | ||||
2024 | 2023 | % Change | ||
Non-commercial: | ||||
Domestic | 162.5 | 153.8 | 6 % | |
International | 25.9 | 24.0 | 8 % | |
188.4 | 177.8 | 6 % | ||
Commercial: | ||||
Domestic | 84.1 | 56.1 | 50 % | |
International | 11.1 | 6.5 | 71 % | |
95.2 | 62.6 | 52 % | ||
Total direct title revenues | 283.6 | 240.4 | 18 % | |
Domestic non-commercial revenues in the fourth quarter 2024 improved by
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 December 31, | ||||
2024 | 2023 | % Change | ||
Operating revenues | 87.0 | 61.4 | 42 % | |
Pretax income | 0.9 | 1.4 | (34 %) | |
Non-GAAP adjustments to pretax income* | 5.5 | 6.0 | ||
Adjusted pretax income* | 6.5 | 7.4 | (13 %) | |
Pretax margin | 1.1 % | 2.3 % | ||
Adjusted pretax margin* | 7.4 % | 12.0 % | ||
* Adjusted pretax income and adjusted pretax margin are non-GAAP financial measures. See Appendix A for an explanation and reconciliation of non-GAAP adjustments. | ||||
Fourth quarter 2024 operating revenues increased
Corporate Segment
The segment's fourth quarter 2024 results included net expenses attributable to corporate operations of
Expenses
Consolidated employee costs in the fourth quarter 2024 increased by
Consolidated other operating expenses in the fourth quarter 2024 increased
Other
Net cash provided by operations in the fourth quarter 2024 was
Fourth Quarter Earnings Call
Stewart will hold a conference call to discuss the fourth quarter 2024 earnings at 8:30 a.m. Eastern Time on Thursday, February 6, 2025. To participate, dial (800) 343-5172 (
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 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, 2023, 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. Additional information will also be set forth in our Annual Report on Form 10-K for the year ended December 31, 2024. 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 December 31, | Year Ended December 31, | ||||
2024 | 2023 | 2024 | 2023 | ||
Revenues: | |||||
Title revenues: | |||||
Direct operations | 283,606 | 240,432 | 1,020,380 | 962,674 | |
Agency operations | 279,092 | 262,513 | 1,043,173 | 985,989 | |
Real estate solutions | 86,998 | 61,408 | 358,559 | 263,577 | |
Total operating revenues | 649,696 | 564,353 | 2,422,112 | 2,212,240 | |
Investment income | 14,538 | 13,021 | 55,370 | 45,135 | |
Net realized and unrealized gains (losses) | 1,699 | 4,795 | 12,937 | (34) | |
665,933 | 582,169 | 2,490,419 | 2,257,341 | ||
Expenses: | |||||
Amounts retained by agencies | 230,724 | 217,021 | 864,807 | 813,519 | |
Employee costs | 199,418 | 178,084 | 745,405 | 712,794 | |
Other operating expenses | 159,071 | 127,171 | 603,959 | 507,701 | |
Title losses and related claims | 20,656 | 20,555 | 80,411 | 80,282 | |
Depreciation and amortization | 15,549 | 15,600 | 61,612 | 62,447 | |
Interest | 5,147 | 4,959 | 19,914 | 19,737 | |
630,565 | 563,390 | 2,376,108 | 2,196,480 | ||
Income before taxes and noncontrolling interests | 35,368 | 18,779 | 114,311 | 60,861 | |
Income tax expense | (8,156) | (5,675) | (26,155) | (15,263) | |
Net income | 27,212 | 13,104 | 88,156 | 45,598 | |
Less net income attributable to noncontrolling interests | 4,471 | 4,289 | 14,846 | 15,159 | |
Net income attributable to Stewart | 22,741 | 8,815 | 73,310 | 30,439 | |
Net earnings per diluted share attributable to Stewart | 0.80 | 0.32 | 2.61 | 1.11 | |
Diluted average shares outstanding (000) | 28,277 | 27,751 | 28,129 | 27,520 | |
Selected financial information: | |||||
Net cash provided by operations | 67,953 | 39,464 | 135,609 | 83,042 | |
Other comprehensive (loss) income | (19,093) | 23,406 | (8,182) | 16,128 | |
Fourth Quarter Domestic Order Counts: | ||||||||||||
Opened Orders | Oct | Nov | Dec | Total | Closed Orders | Oct | Nov | Dec | Total | |||
Commercial | 1,471 | 1,226 | 1,586 | 4,283 | Commercial | 1,363 | 1,174 | 1,766 | 4,303 | |||
Purchase | 15,852 | 12,224 | 11,323 | 39,399 | Purchase | 11,545 | 10,098 | 10,662 | 32,305 | |||
Refinancing | 7,245 | 4,782 | 5,225 | 17,252 | Refinancing | 4,990 | 3,724 | 3,441 | 12,155 | |||
Other | 4,076 | 2,239 | 2,090 | 8,405 | Other | 4,339 | 3,937 | 2,386 | 10,662 | |||
Total | 28,644 | 20,471 | 20,224 | 69,339 | Total | 22,237 | 18,933 | 18,255 | 59,425 | |||
Opened Orders | Oct | Nov | Dec | Total | Closed Orders | Oct | Nov | Dec | Total | |||
Commercial | 1,031 | 1,335 | 1,381 | 3,747 | Commercial | 1,074 | 1,264 | 1,463 | 3,801 | |||
Purchase | 16,995 | 14,076 | 11,679 | 42,750 | Purchase | 12,187 | 10,595 | 10,989 | 33,771 | |||
Refinancing | 5,165 | 5,038 | 5,194 | 15,397 | Refinancing | 3,479 | 3,034 | 3,045 | 9,558 | |||
Other | 1,912 | 1,506 | 3,271 | 6,689 | Other | 2,000 | 1,309 | 1,367 | 4,676 | |||
Total | 25,103 | 21,955 | 21,525 | 68,583 | Total | 18,740 | 16,202 | 16,864 | 51,806 | |||
STEWART INFORMATION SERVICES CORPORATION CONDENSED BALANCE SHEETS (In thousands of dollars) | ||
December 31, | December 31, | |
Assets: | ||
Cash and cash equivalents | 216,298 | 233,365 |
Short-term investments | 41,199 | 39,023 |
Investments in debt and equity securities, at fair value | 669,098 | 679,936 |
Receivables – premiums from agencies | 36,753 | 38,676 |
Receivables – other | 111,735 | 93,811 |
Allowance for uncollectible amounts | (7,725) | (7,583) |
Property and equipment, net | 87,613 | 82,335 |
Operating lease assets, net | 102,210 | 115,879 |
Title plants | 74,862 | 73,359 |
Goodwill | 1,084,139 | 1,072,129 |
Intangible assets, net of amortization | 173,075 | 193,196 |
Deferred tax assets | 4,827 | 3,776 |
Other assets | 136,061 | 84,959 |
2,730,145 | 2,702,861 | |
Liabilities: | ||
Notes payable | 445,841 | 445,290 |
Accounts payable and accrued liabilities | 214,580 | 190,054 |
Operating lease liabilities | 118,835 | 135,654 |
Estimated title losses | 511,534 | 528,269 |
Deferred tax liabilities | 28,266 | 25,045 |
1,319,056 | 1,324,312 | |
Stockholders' equity: | ||
Common Stock and additional paid-in capital | 358,721 | 338,451 |
Retained earnings | 1,089,484 | 1,070,841 |
Accumulated other comprehensive loss | (43,397) | (35,215) |
Treasury stock | (2,666) | (2,666) |
Stockholders' equity attributable to Stewart | 1,402,142 | 1,371,411 |
Noncontrolling interests | 8,947 | 7,138 |
Total stockholders' equity | 1,411,089 | 1,378,549 |
2,730,145 | 2,702,861 | |
Number of shares outstanding (000) | 27,764 | 27,370 |
Book value per share | 50.50 | 50.11 |
STEWART INFORMATION SERVICES CORPORATION SEGMENT INFORMATION (In thousands of dollars)
| |||||||||
Quarter Ended: | December 31, 2024 | December 31, 2023 | |||||||
Title | Real | Corporate | Total | Title | Real | Corporate | Total | ||
Revenues: | |||||||||
Operating revenues | 562,698 | 86,998 | - | 649,696 | 502,945 | 61,408 | - | 564,353 | |
Investment income | 14,511 | 27 | - | 14,538 | 12,996 | 25 | - | 13,021 | |
Net realized and unrealized gains | 2,760 | - | (1,061) | 1,699 | 5,094 | (3) | (296) | 4,795 | |
579,969 | 87,025 | (1,061) | 665,933 | 521,035 | 61,430 | (296) | 582,169 | ||
Expenses: | |||||||||
Amounts retained by agencies | 230,724 | - | - | 230,724 | 217,021 | - | - | 217,021 | |
Employee costs | 181,436 | 14,667 | 3,315 | 199,418 | 163,142 | 11,987 | 2,955 | 178,084 | |
Other operating expenses | 92,580 | 65,124 | 1,367 | 159,071 | 83,777 | 41,587 | 1,807 | 127,171 | |
Title losses and related claims | 20,656 | - | - | 20,656 | 20,555 | - | - | 20,555 | |
Depreciation and amortization | 8,921 | 6,301 | 327 | 15,549 | 8,819 | 6,401 | 380 | 15,600 | |
Interest | 420 | 1 | 4,726 | 5,147 | 378 | 48 | 4,533 | 4,959 | |
534,737 | 86,093 | 9,735 | 630,565 | 493,692 | 60,023 | 9,675 | 563,390 | ||
Income (loss) before taxes | 45,232 | 932 | (10,796) | 35,368 | 27,343 | 1,407 | (9,971) | 18,779 | |
Year Ended: | December 31, 2024 | December 31, 2023 | |||||||
Title | Real | Corporate | Total | Title | Real | Corporate | Total | ||
Revenues: | |||||||||
Operating revenues | 2,063,553 | 358,559 | - | 2,422,112 | 1,948,663 | 263,577 | - | 2,212,240 | |
Investment income | 55,256 | 114 | - | 55,370 | 45,028 | 107 | - | 45,135 | |
Net realized and unrealized gains | 14,146 | - | (1,209) | 12,937 | 3,437 | (3) | (3,468) | (34) | |
2,132,955 | 358,673 | (1,209) | 2,490,419 | 1,997,128 | 263,681 | (3,468) | 2,257,341 | ||
Expenses: | |||||||||
Amounts retained by agencies | 864,807 | - | - | 864,807 | 813,519 | - | - | 813,519 | |
Employee costs | 677,378 | 54,572 | 13,455 | 745,405 | 648,832 | 49,320 | 14,642 | 712,794 | |
Other operating expenses | 339,950 | 258,827 | 5,182 | 603,959 | 320,529 | 179,640 | 7,532 | 507,701 | |
Title losses and related claims | 80,411 | - | - | 80,411 | 80,282 | - | - | 80,282 | |
Depreciation and amortization | 35,047 | 25,104 | 1,461 | 61,612 | 35,000 | 25,802 | 1,645 | 62,447 | |
Interest | 1,584 | 9 | 18,321 | 19,914 | 1,442 | 239 | 18,056 | 19,737 | |
1,999,177 | 338,512 | 38,419 | 2,376,108 | 1,899,604 | 255,001 | 41,875 | 2,196,480 | ||
Income (loss) before taxes | 133,778 | 20,161 | (39,628) | 114,311 | 97,524 | 8,680 | (45,343) | 60,861 | |
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), office closure costs, executive severance expenses, and other nonrecurring 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 and year ended December 31, 2024 and 2023 (dollars in millions, except shares, per share amounts and pretax margins, and amounts may not add as presented due to rounding).
Quarter Ended December 31, | Year Ended December, | ||||||
2024 | 2023 | % Chg | 2024 | 2023 | % Chg | ||
Total revenues | 665.9 | 582.2 | 14 % | 2,490.4 | 2,257.3 | 10 % | |
Non-GAAP revenue adjustments: | |||||||
Net realized and unrealized gains | (1.7) | (4.8) | (12.9) | - | |||
Adjusted total revenues | 664.2 | 577.4 | 15 % | 2,477.5 | 2,257.3 | 10 % | |
Details of net realized and unrealized gains: | |||||||
Unrealized gains on equity securities fair value | 1.4 | 3.7 | 12.6 | 2.1 | |||
Gains (losses) on acquisition liability adjustments | 2.4 | 0.9 | 2.4 | (2.3) | |||
Sale of offices | (0.8) | (0.1) | (0.8) | (0.1) | |||
Impairment of investments and other assets | (1.1) | (0.2) | (1.2) | (0.2) | |||
Other items, net | (0.3) | 0.6 | 0.1 | 0.5 | |||
Total net realized and unrealized gains | 1.7 | 4.8 | 12.9 | - | |||
Pretax income | 35.4 | 18.8 | 88 % | 114.3 | 60.9 | 88 % | |
Non-GAAP pretax adjustments: | |||||||
Net realized and unrealized gains | (1.7) | (4.8) | (12.9) | - | |||
Acquisition intangible asset amortization and | 8.5 | 8.7 | 33.6 | 36.0 | |||
Office closure costs | 1.2 | 5.5 | 3.1 | 7.3 | |||
Executive severance expenses | 3.9 | 0.9 | 4.6 | 3.1 | |||
State sales tax assessment expense | - | - | - | 1.2 | |||
Adjusted pretax income | 47.3 | 29.1 | 63 % | 142.8 | 108.5 | 32 % | |
GAAP pretax margin | 5.3 % | 3.2 % | 4.6 % | 2.7 % | |||
Adjusted pretax margin | 7.1 % | 5.0 % | 5.8 % | 4.8 % | |||
Quarter Ended December 31, | Year Ended December 31, | ||||||
2024 | 2023 | % Chg | 2024 | 2023 | % Chg | ||
Net income attributable to Stewart | 22.7 | 8.8 | 158 % | 73.3 | 30.4 | 141 % | |
Non-GAAP pretax adjustments: | |||||||
Net realized and unrealized gains | (1.7) | (4.8) | (12.9) | - | |||
Acquisition intangible asset amortization and | 8.5 | 8.7 | 33.6 | 36.0 | |||
Office closure costs | 1.2 | 5.5 | 3.1 | 7.3 | |||
Executive severance expenses | 3.9 | 0.9 | 4.6 | 3.1 | |||
State sales tax assessment expense | - | - | - | 1.2 | |||
Net tax effects of non-GAAP adjustments | (3.1) | (2.5) | (7.4) | (11.4) | |||
Non-GAAP adjustments, after taxes | 8.8 | 7.8 | 21.1 | 36.2 | |||
Adjusted net income attributable to Stewart | 31.5 | 16.6 | 90 % | 94.4 | 66.6 | 42 % | |
Diluted average shares outstanding (000) | 28,277 | 27,751 | 28,129 | 27,520 | |||
GAAP net income per share | 0.80 | 0.32 | 2.61 | 1.11 | |||
Adjusted net income per share | 1.12 | 0.60 | 3.35 | 2.42 | |||
Quarter Ended December 31, | Year Ended December 31, | ||||||
2024 | 2023 | % Chg | 2024 | 2023 | % Chg | ||
Title Segment:
| |||||||
Total revenues | 580.0 | 521.0 | 11 % | 2,133.0 | 1,997.1 | 7 % | |
Net realized and unrealized gains | (2.8) | (5.1) | (14.1) | (3.4) | |||
Adjusted total revenues | 577.2 | 515.9 | 12 % | 2,118.8 | 1,993.7 | 6 % | |
Pretax income | 45.2 | 27.3 | 65 % | 133.8 | 97.5 | 37 % | |
Non-GAAP revenue adjustments: | |||||||
Net realized and unrealized gains | (2.8) | (5.1) | (14.1) | (3.4) | |||
Acquisition intangible asset amortization and | 3.0 | 2.9 | 11.5 | 12.3 | |||
Office closure costs | 1.2 | 5.5 | 3.1 | 7.3 | |||
Executive severance expenses | 3.9 | 0.7 | 4.6 | 2.3 | |||
Adjusted pretax income | 50.5 | 31.4 | 61 % | 138.9 | 116.0 | 20 % | |
GAAP pretax margin | 7.8 % | 5.2 % | 6.3 % | 4.9 % | |||
Adjusted pretax margin | 8.8 % | 6.1 % | 6.6 % | 5.8 % | |||
Real Estate Solutions Segment:
| |||||||
Total revenues | 87.0 | 61.4 | 42 % | 358.7 | 263.7 | 36 % | |
Pretax income | 0.9 | 1.4 | (34 %) | 20.2 | 8.7 | 132 % | |
Non-GAAP revenue adjustments: | |||||||
Acquisition intangible asset amortization | 5.5 | 5.8 | 22.2 | 23.7 | |||
Executive severance expenses | - | 0.2 | - | 0.3 | |||
State sales tax assessment expense | - | - | - | 1.2 | |||
Adjusted pretax income | 6.5 | 7.4 | (13 %) | 42.3 | 33.8 | 25 % | |
GAAP pretax margin | 1.1 % | 2.3 % | 5.6 % | 3.3 % | |||
Adjusted pretax margin | 7.4 % | 12.0 % | 11.8 % | 12.8 % | |||
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SOURCE Stewart Information Services Corporation
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