First American Financial Beats Estimates

Title insurer First American Financial Corp. posted better-than-expected earnings Wednesday, a result of cost-cutting measures it had adopted late last summer and fall.

First American earned $1 million, or 2 cents a share, for the first three months, compared with a $27.6-million loss, or 42 cents a share, for last year’s first quarter. Analysts had expected a loss of 16 cents, according to a survey by Nelson Information services.

Quarterly revenue fell 12% to $646.2 million from $730.9 million.

Coupled with a rebound in the national residential resale markets, which started in February, the Santa Ana company said its profitability should improve in the spring and summer months.

In the second quarter, analysts expect the company to earn 68 cents a share, according to a First Call/Thomson Financial survey of five analysts.