Profit at First American Offset by Investing Costs

Title insurer First American Corp. said first-quarter profit fell 12% as costs of investing in new businesses and greater provisions for title losses and claims offset higher revenue.

The Santa Ana-based company said it earned $69.7 million, or 71 cents a share, compared with $79.2 million, or 83 cents, a year earlier. Revenue rose 18% to $2 billion.

Analysts on average had forecast earnings of 84 cents a share.

Annette Haddad