First American profit sinks 65%
From Times Staff and Wire Reports
First American Corp., the largest U.S. title insurer, said profit fell 65% in the first quarter as revenue declined.
Net income slumped to $29.3 million, or 32 cents a share, from $83.8 million, or 84 cents, a year earlier, the Santa Ana-based company said.
Revenue fell 22% to $1.66 billion as the insurer received fewer orders, and for a lower average price, in the title insurance business.
“The company continues to be impacted by the slowdown in real estate and mortgage activity,” Chief Executive Parker Kennedy said.
First American rose $3.50 to $36.30.
