First American Shatters Income, Revenue Records

First American Financial Corp. said third-quarter net income and revenue were the highest in company history.

First American, which provides real estate-related financial and information services, attributed the record results to the strong real estate market and low mortgage rates. The company also noted that there has been an increase in refinance and home equity transactions.

Net income rose 49% to $20.6 million, or $1.77 a share, from $13.8 million, or $1.20 a share, for the same period last year. The 1997 figure included a $2-million pretax charge associated with the relocation and consolidation of certain operations of the Information Services segment in Dallas. Revenue advanced 22% to $501.6 million from $411.3 million.

For the nine-month period, net income rose slightly to $42 million, or $3.62 a share, from $41.8 million, or $3.65 a share, for the comparable three quarters last year. Revenue increased 8% to $1.3 billion from $1.2 billion.