First American Profit and Revenue Soar
From Times Staff and Wire Services
First American Corp., a provider of credit information and screening, title insurance and other real estate services, said its third-quarter profit swelled 39% as revenue rose from mortgage origination growth.
Net income jumped to $149.1 million, or $1.51 a share, from $107.2 million, or $1.17, a year earlier. That compared with the average estimate of $1.34 a share from analysts surveyed by Thomson Financial.
Revenue rose 26% to $2.2 billion.
By segment, revenue from its financial services group gained 30% to $1.7 billion, while revenue from information technology, which includes its mortgage information unit, rose 12% to $466.1 million, the Santa Ana-based company said.
