ORANGE COUNTY EARNINGS
Fidelity National Financial Inc.: The Irvine-based real estate services company reported record earnings and revenue for the fourth quarter and year.
Net earnings surged 82% in the three months to $29.3 million, or 87 cents a share, from $16.1 million, or 50 cents a share, a year ago. Revenue rose 48% to $375.4 million from $253.2 million.
The company attributed its performance to low interest rates and a strong economy that created favorable conditions in the real estate sector. In addition, the company’s investment in new technology improved operating margins and profitability, while new acquisitions broadened the company’s scope.
For the year, net income more than doubled to $112.5 million, or $3.36 a share, from $50.4 million, or $1.70 a share, in 1997. Revenue rose 50% to $1.29 billion from $863 million.
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