Newswires
Newswires RSS Get our newsletter
Order Prints
Newswires

FNF Group Reports First Quarter 2017 Diluted EPS of $0.25 and Adjusted Diluted EPS of $0.42, Pre-Tax Title Margin of 9.6% and Adjusted Pre-Tax Title Margin of 11.1%

JACKSONVILLE, Fla., May 3, 2017 /PRNewswire/ -- Fidelity National Financial, Inc. today reported the operating results of FNF Group  (NYSE:FNF), a leading provider of title insurance, technology and transaction services to the real estate and mortgage industries, for the three-month period ended March 31, 2017.

  • Total revenue of approximately $1.9 billion in the first quarter versus $1.7 billion in the first quarter of 2016
  • First quarter net earnings of $71 million and adjusted net earnings of $118 million versus net earnings of $73 million and adjusted net earnings of $94 million for the first quarter of 2016
  • First quarter diluted EPS of $0.25 and adjusted diluted EPS of $0.42 versus diluted EPS of $0.26 and adjusted diluted EPS of $0.33 in the first quarter of 2016
  • First quarter net cash flow used in operations of $11 million versus net cash flow provided by operations of $73 million in the first quarter of 2016

Title

  • Approximately $1.6 billion in total revenue, a 9% increase over the approximately $1.4 billion in total revenue in the first quarter of 2016
  • Pre-tax earnings of $151 million and adjusted pre-tax earnings of $175 million versus pre-tax earnings of $121 million and adjusted pre-tax earnings of $142 million in the first quarter of 2016
  • Pre-tax title margin of 9.6% and adjusted pre-tax title margin of 11.1% versus pre-tax title margin of 8.4% and adjusted pre-tax title margin of 9.8% in the first quarter of 2016
  • Open orders per day of 7,613 for the first quarter versus 8,339 open orders per day for the first quarter of 2016
  • Closed orders per day of 5,387 for the first quarter versus 5,194 closed orders per day for the first quarter of 2016
  • First quarter purchase orders opened and closed increased by 6% and 11%, respectively, versus the first quarter of 2016
  • Total commercial revenue of $224 million, a 6% increase over total commercial revenue in the first quarter of  2016, driven by a 2% decrease in closed orders and a 9% increase in total commercial fee per file; first quarter total commercial open orders increased 2% compared to the prior year; first quarter national commercial title revenue of $127 million, a 5% increase from the first quarter of 2016, driven by a 6% increase in closed orders and a 1% decline in the national commercial fee per file; first quarter national commercial open orders increased by 9%
  • Overall first quarter average fee per file of $2,148, a 6% increase versus the first quarter of 2016

Title Orders

Direct Orders Opened *

Direct Orders Closed *

Month

 / (% Purchase)

 / (% Purchase)

January 2017

144,000

62%

112,000

53%

February 2017

145,000

64%

99,000

57%

March 2017

183,000

65%

123,000

64%

First Quarter 2017

472,000

64%

334,000

58%

 

Direct Orders Opened *

Direct Orders Closed *

Month

 / (% Purchase)

/ (% Purchase)

January 2016

139,000

57%

94,000

55%

February 2016

182,000

52%

99,000

55%

March 2016

196,000

57%

129,000

53%

First Quarter 2016

517,000

55%

322,000

55%

 

* Includes an immaterial number of non-purchase and non-refinance orders

 

Open

Closed

Commercial

Commercial

Commercial

Revenue

Commercial

Orders

Orders

(In millions)

Fee Per File

First Quarter 2017 - Total Commercial

49,400

30,000

$224

$7,500

First Quarter 2016 - Total Commercial

48,500

30,700

$211

$6,900

First Quarter 2017 - National Commercial

21,100

11,200

$127

$11,300

First Quarter 2016 - National Commercial

19,300

10,600

$121

$11,400

 

BKFS

  • Revenue of $256 million, led by Servicing Technology revenue of approximately $183 million
  • Pre-tax earnings of $41 million, equal to the first quarter of 2016
  • Adjusted EBITDA of $114 million, a $7 million, or 7%, increase over the first quarter of 2016 and an adjusted EBITDA margin of 46.0%, a 90 basis point increase over the first quarter of 2016

"This first quarter was a strong start to 2017," said Chairman William P. Foley, II. "We generated an 11.1% adjusted pre-tax title margin, our strongest first quarter pre-tax title margin since 2013.  Additionally, adjusted pre-tax title earnings of $175 million were the largest amount of first quarter adjusted pre-tax title earnings in the history of the company. We expect the residential purchase and commercial markets to drive our performance in 2017, and they did just that in the first quarter, as residential open and closed purchase orders increased 6% and 11%, respectively, in the quarter and total commercial revenue grew by 6% versus the strong first quarter of 2016. We expect seasonal acceleration in the title business over the next few quarters and look forward to continued strong, industry-leading performance from our title insurance business.

"Black Knight continues to perform to our expectations, generating revenue of $256 million and adjusted EBITDA of $114 million, for a 46.0% adjusted EBITDA margin. FNF's Black Knight ownership stake is currently worth more than $3.5 billion, or approximately $12.50 per FNF share.  Finally, we are continuing to focus on completing the necessary filings, shareholder votes and other closing conditions for the Black Knight distribution. We remain on track and expect a third quarter closing of the Black Knight distribution." 

Conference Call
We will host a call with investors and analysts to discuss first quarter 2017 FNF Group results on Thursday, May 4, 2017, beginning at 11:30 a.m. Eastern Time. A live webcast of the conference call will be available on the Events and Multimedia page of the FNF Investor Relations website at www.fnf.com. The conference call replay will be available via webcast through the FNF Investor Relations website at www.fnf.com. The telephone replay will be available from 1:30 p.m. Eastern time on May 4, 2017, through May 11, 2017, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 421930.

About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. is organized into two groups, FNF Group (NYSE: FNF) and FNFV Group (NYSE: FNFV).  FNF is a leading provider of title insurance, technology and transaction services to the real estate and mortgage industries. FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States.  FNF also provides industry-leading mortgage technology solutions and transaction services, including MSP®, the leading residential mortgage servicing technology platform in the U.S., through its majority-owned subsidiaries, Black Knight Financial Services, Inc. and ServiceLink Holdings, LLC. FNFV holds majority and minority equity investment stakes in a number of entities, including American Blue Ribbon Holdings, LLC, Ceridian HCM, Inc., Digital Insurance, Inc. and Del Frisco's Restaurant Group, Inc. More information about FNF and FNFV can be found at www.fnf.com.

Use of Non-GAAP Financial Information
Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, the Company has provided non-GAAP financial measures, which it believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. These non-GAAP measures include earnings before interest, taxes and depreciation and amortization (EBITDA), adjusted earnings before interest, taxes and depreciation and amortization (Adjusted EBITDA), adjusted earnings before interest, taxes and depreciation as a percent of adjusted revenue (Adjusted EBITDA margin), adjusted net earnings and adjusted EPS.

Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings. Further, FNF's non-GAAP measures may be calculated differently from similarly titled measures of other companies. Reconciliations of these non-GAAP measures to related GAAP measures are provided below.

Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.  The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: our ability to successfully achieve the conditions to and consummate the plans to distribute shares of Black Knight Financial Services and redeem and exchange the FNFV tracking stock with the result being an independent, publicly-traded FNFV common stock; changes in general economic, business and political conditions, including changes in the financial markets; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak  U. S. economy; our potential inability to find suitable acquisition candidates, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in integrating acquisitions; our dependence on distributions from our title insurance underwriters as a main source of cash flow; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries.

This press release should be read in conjunction with the press release filed for the results of FNFV on this same date as well as the risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-Q, 10-K and other filings with the Securities and Exchange Commission.

FNF-E

 

FNF GROUP

FIRST QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands) (Unaudited)

Total FNF Group

Title

BKFS

FNF Group
Corporate and
Other

Three Months Ended

March 31, 2017

Direct title premiums

$

465

$

465

$

—

$

—

Agency title premiums

583

583

—

—

Escrow, title related and other fees (1)

819

496

258

65

Total title and escrow

1,867

1,544

258

65

Interest and investment income

28

28

—

—

Realized gains and losses, net

(6)

(2)

(2)

(2)

Total revenue

1,889

1,570

256

63

Personnel costs

669

548

101

20

Agent commissions

446

446

—

—

Other operating expenses

435

335

45

55

Depreciation and amortization

96

38

53

5

Claim loss expense

52

52

—

—

Interest expense

31

—

16

15

Total expenses

1,729

1,419

215

95

Pre-tax earnings (loss) from continuing operations

$

160

$

151

$

41

$

(32)

Non-GAAP adjustments before taxes

  Realized (gains) and losses, net

6

2

2

2

  Deferred revenue add back

1

—

1

—

  Purchase price amortization

48

22

22

4

  IPO costs

1

—

1

—

 Total non-GAAP adjustments before taxes

$

56

$

24

$

26

$

6

Adjusted pre-tax earnings (loss) from continuing
operations

$

216

$

175

$

67

$

(26)

Adjusted pre-tax margin from continuing operations

11.4

%

11.1

%

25.9

%

—

Purchase price amortization

(48)

(22)

(22)

(4)

Depreciation and amortization

96

38

53

5

Interest expense

31

—

16

15

  Adjusted EBITDA

$

295

$

191

$

114

$

(10)

  Adjusted EBITDA margin

15.6

%

12.2

%

46.0

%

—

1.         BKFS also reported adjusted revenue of $259.5 million, which includes $1.3 million of deferred revenue

 

 

FNF GROUP

FIRST QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)

Total FNF Group

Title

BKFS

FNF Group
Corporate
and Other

Three Months Ended

March 31, 2017

Pre-tax earnings (loss) from continuing operations

$

160

$

151

$

41

$

(32)

  Income tax expense (benefit)

80

78

13

(11)

  Earnings from equity investments

2

2

—

—

  Non-controlling interests

11

(1)

12

—

Net earnings (loss) attributable to FNF Group common shareholders

$

71

$

76

$

16

$

(21)

EPS attributable to FNF Group common shareholders - basic

$

0.26

$

0.28

$

0.06

$

(0.08)

EPS attributable to FNF Group common shareholders - diluted

$

0.25

$

0.27

$

0.06

$

(0.08)

FNF Group weighted average shares - basic

271

FNF Group weighted average shares - diluted

279

Net earnings (loss) attributable to FNF Group common
shareholders

$

71

$

76

$

16

$

(21)

 Total non-GAAP, pre-tax adjustments

$

56

$

24

$

26

$

6

  Income taxes on non-GAAP adjustments

(20)

(8)

(10)

(2)

  Noncontrolling interest on non-GAAP adjustments

(10)

(3)

(7)

—

  Nondeductible income taxes on consent order settlement

21

21

—

—

Total non-GAAP adjustments

$

47

$

34

$

9

$

4

Adjusted net earnings (loss) attributable to FNF Group
common shareholders

$

118

$

110

$

25

$

(17)

Adjusted EPS attributable to FNF Group common shareholders - diluted

$

0.42

$

0.39

$

0.09

$

(0.06)

Direct orders opened (000's)

472

472

Direct orders closed (000's)

334

334

Fee per file

$

2,148

$

2,148

Actual title claims paid

$

51

$

51

Cash flows used in operations

$

(11)

 

 

FNF GROUP

FIRST QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)

Total FNF Group

Title

BKFS

FNF Group
Corporate
and Other

Three Months Ended

March 31, 2016

Direct title premiums

$

422

$

422

$

—

$

—

Agency title premiums

530

530

—

—

Escrow, title related and other fees (1)

741

466

242

33

Total title and escrow

1,693

1,418

242

33

Interest and investment income

29

29

—

—

Realized gains and losses, net

(3)

—

—

(3)

Total revenue

1,719

1,447

242

30

Personnel costs

614

506

96

12

Agent commissions

402

402

—

—

Other operating expenses

405

331

41

33

Depreciation and amortization

85

35

48

2

Claim loss expense

52

52

—

—

Interest expense

31

—

16

15

Total expenses

1,589

1,326

201

62

Pre-tax earnings (loss) from continuing operations

$

130

$

121

$

41

$

(32)

Non-GAAP adjustments before taxes

  Realized (gains) and losses, net

3

—

—

3

  Deferred revenue add back and management fee

2

—

2

—

  Purchase price amortization

41

21

20

—

 Total non-GAAP adjustments before taxes

$

46

$

21

$

22

$

3

Adjusted pre-tax earnings (loss) from continuing
operations

$

176

$

142

$

63

$

(29)

Adjusted pre-tax margin from continuing operations

10.2

%

9.8

%

25.8

%

—

Purchase price amortization

(41)

(21)

(20)

—

Depreciation and amortization

85

35

48

2

Interest expense

31

—

16

15

  Adjusted EBITDA

$

251

$

156

$

107

$

(12)

  Adjusted EBITDA margin

14.6

%

10.8

%

45.1

%

—

1.         BKFS also reported adjusted revenue of $244 million, which includes $2 million of deferred revenue

 

 

FNF GROUP

FIRST QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)

Total FNF Group

Title

BKFS

FNF Group
Corporate
and Other

Three Months Ended

March 31, 2016

Pre-tax earnings (loss) from continuing operations

$

130

$

121

$

41

$

(32)

  Income tax expense (benefit)

50

45

14

(9)

  Earnings from equity investments

3

3

—

—

  Non-controlling interests

10

(2)

12

—

Net earnings (loss) attributable to FNF Group common shareholders

$

73

$

81

$

15

$

(23)

EPS attributable to FNF Group common shareholders - basic

$

0.27

$

0.30

$

0.05

$

(0.08)

EPS attributable to FNF Group common shareholders - diluted

$

0.26

$

0.29

$

0.05

$

(0.08)

FNF Group weighted average shares - basic

274

FNF Group weighted average shares - diluted

281

Net earnings (loss) attributable to FNF Group common shareholders

$

73

$

81

$

15

$

(23)

 Total non-GAAP, pre-tax adjustments

$

46

$

21

$

22

$

3

  Income taxes on non-GAAP adjustments

(15)

(6)

(8)

(1)

  Noncontrolling interest on non-GAAP adjustments

(10)

(4)

(6)

—

Total non-GAAP adjustments

$

21

$

11

$

8

$

2

Adjusted net earnings (loss) attributable to FNF Group
common shareholders

$

94

$

92

$

23

$

(21)

Adjusted EPS attributable to FNF Group common shareholders - diluted

$

0.33

$

0.33

$

0.08

$

(0.08)

Direct orders opened (000's)

517

517

Direct orders closed (000's)

322

322

Fee per file

$

2,032

$

2,032

Actual title claims paid

$

40

$

40

Cash flows provided by operations

$

73

 

 

FNF GROUP

QUARTERLY OPERATING STATISTICS

(Unaudited)

Q1 2017

Q4 2016

Q3 2016

Q2 2016

Q1 2016

Q4 2015

Q3 2015

Q2 2015

Quarterly Open Orders ('000's except % data)

Total open orders*

472

474

616

577

517

441

514

560

Total open orders per day*

7.6

7.6

9.6

9.0

8.3

7.0

8.0

8.8

Purchase % of open orders

64

%

53

%

50

%

57

%

55

%

55

%

58

%

57

%

Refinance % of open orders

36

%

47

%

50

%

43

%

45

%

45

%

42

%

43

%

Total closed orders*

334

419

433

401

322

341

378

408

Total closed orders per day*

5.4

6.8

6.8

6.3

5.2

5.4

5.9

6.4

Purchase % of closed orders

58

%

51

%

54

%

58

%

55

%

58

%

60

%

54

%

Refinance % of closed orders

42

%

49

%

46

%

42

%

45

%

42

%

40

%

46

%

Commercial (millions, except orders in '000's)

Total commercial revenue

$

224

$

285

$

233

$

244

$

211

$

303

$

258

$

258

Total commercial open orders

49.4

45.9

50.4

49.9

48.5

46.3

50.3

50.8

Total commercial closed orders

30.0

34.7

31.9

33.6

30.7

36.3

33.0

32.4

National commercial revenue

$

127

$

167

$

130

$

144

$

121

$

183

$

146

$

150

National commercial open orders

21.1

17.9

20.4

20.3

19.3

18.1

21.0

21.2

National commercial closed orders

11.2

12.8

11.7

11.6

10.6

13.4

12.2

12.5

Total Fee Per File

Fee per file

$

2,148

$

2,091

$

2,015

$

2,116

$

2,032

$

2,272

$

2,133

$

2,026

Residential and local commercial fee per
file

$

1,829

$

1,746

$

1,762

$

1,809

$

1,713

$

1,806

$

1,805

$

1,711

Residential fee per file

$

1,623

$

1,538

$

1,594

$

1,645

$

1,522

$

1,548

$

1,589

$

1,514

Total commercial fee per file

$

7,500

$

8,200

$

7,300

$

7,300

$

6,900

$

8,300

$

7,800

$

8,000

National commercial fee per file

$

11,300

$

13,000

$

11,100

$

12,400

$

11,400

$

13,600

$

12,000

$

12,000

Total Staffing

Total field operations employees

11,000

11,100

11,400

10,900

10,900

10,700

11,000

10,900

FNTG Only Quarterly Operating Statistics ('000's except fee per file and staffing)

Total open orders*

407

395

518

484

429

360

422

458

Total open orders per day*

6.6

6.4

8.1

7.5

6.9

5.7

6.6

7.2

Purchase % of open orders

69

%

59

%

55

%

63

%

61

%

62

%

65

%

65

%

Refinance % of open orders

31

%

41

%

45

%

37

%

39

%

38

%

35

%

35

%

Total closed orders*

277

352

369

338

265

285

314

334

Total closed orders per day*

4.5

5.7

5.8

5.3

4.3

4.5

4.9

5.2

Purchase % of closed orders

63

%

55

%

58

%

63

%

60

%

63

%

66

%

61

%

Refinance % of closed orders

37

%

45

%

42

%

37

%

40

%

37

%

34

%

39

%

Fee per file

$

2,395

$

2,313

$

2,205

$

2,337

$

2,261

$

2,521

$

2,364

$

2,264

Total title field operations employees

9,900

10,000

10,200

9,600

9,700

9,500

9,700

9,600

ServiceLink Only Quarterly Operating Statistics ('000's except fee per file and staffing)

Revenue (millions)

$

192

$

198

$

205

$

203

$

195

$

198

$

220

$

224

Total open orders*

65

79

98

93

87

81

92

102

Total open orders per day*

1.0

1.2

1.5

1.5

1.4

1.3

1.4

1.6

Purchase % of open orders

25

%

21

%

17

%

22

%

24

%

22

%

23

%

22

%

Refinance % of open orders

75

%

79

%

83

%

78

%

76

%

78

%

77

%

78

%

Total closed orders*

57

67

64

63

57

56

64

74

Total closed orders per day*

0.9

1.1

1.0

1.0

0.9

0.9

1.0

1.2

Purchase % of closed orders

30

%

24

%

27

%

27

%

28

%

31

%

26

%

21

%

Refinance % of closed orders

70

%

76

%

73

%

73

%

72

%

69

%

74

%

79

%

Fee per file

$

950

$

932

$

916

$

940

$

972

$

1,003

$

987

$

958

Total ServiceLink operations employees

1,100

1,100

1,200

1,300

1,200

1,200

1,300

1,300

 

* Includes an immaterial number of non-purchase and non-refinance orders

 

 

 

FNF GROUP

SUMMARY BALANCE SHEET INFORMATION

(In millions)

FNF Group

March 31, 2017

FNF Group

December 31, 2016

(Unaudited)

(Unaudited)

Cash and investment portfolio

$

4,660

$

4,965

Goodwill

4,869

4,859

Title plant

395

395

Total assets

12,755

13,063

Notes payable

2,463

2,513

Reserve for title claim losses

1,484

1,487

Secured trust deposits

748

860

Redeemable non-controlling interests

344

344

Non-redeemable non-controlling interests

797

786

Total equity and redeemable non-controlling interests

6,203

6,210

Total equity attributable to common shareholders

5,062

5,080

 

FNF Group

March 31, 2017

FNFV

March 31, 2017

Consolidated

March 31, 2017

Consolidated

December 31, 2016

(Unaudited)

(Unaudited)

(Unaudited)

Cash and investment portfolio

$

4,660

$

662

$

5,322

$

5,607

Goodwill

4,869

216

5,085

5,065

Title plant

395

—

395

395

Total assets

12,755

1,423

14,178

14,463

Notes payable

2,463

259

2,722

2,746

Reserve for title claim losses

1,484

—

1,484

1,487

Secured trust deposits

748

—

748

860

Redeemable non-controlling interests

344

—

344

344

Non-redeemable non-controlling interests

797

114

911

902

Total equity and redeemable non-controlling interests

6,203

1,031

7,234

7,242

Total equity attributable to common shareholders

5,062

917

5,979

5,996

 

 

 

Fidelity National Financial, Inc.

CONSOLIDATED SUMMARY OF EARNINGS

(In millions)

(Unaudited) 

Three Months Ended

March 31, 2017

Consolidated

Core

FNFV

Direct title premiums

$

465

$

465

$

—

Agency title premiums

583

583

—

     Total title premiums

1,048

1,048

—

Escrow, title-related and other fees

868

819

49

     Total title and escrow and other

1,916

1,867

49

Restaurant revenue

273

—

273

Interest and investment income

29

28

1

Realized gains and losses, net

(1)

(6)

5

     Total revenue

2,217

1,889

328

Personnel costs

715

669

46

Other operating expenses

460

435

25

Cost of restaurant revenue

236

—

236

Agent commissions

446

446

—

Depreciation and amortization

112

96

16

Title claim loss expense

52

52

—

Interest expense

35

31

4

     Total expenses

2,056

1,729

327

Earnings from continuing operations before taxes

161

160

1

Income tax expense (benefit)

78

80

(2)

Earnings from continuing operations before equity investments

83

80

3

(Loss) earnings from equity investments

(2)

2

(4)

Net earnings (loss)

81

82

(1)

Non-controlling interests

9

11

(2)

Net earnings attributable to common shareholders

$

72

$

71

$

1

Cash flows provided by (used in) operations

4

(11)

15

 

 

 

Fidelity National Financial, Inc.

CONSOLIDATED SUMMARY OF EARNINGS

(In millions)

(Unaudited)

Three Months Ended

March 31, 2016

Consolidated

Core

FNFV

Direct title premiums

$

422

$

422

$

—

Agency title premiums

530

530

—

     Total title premiums

952

952

—

Escrow, title-related and other fees

779

741

38

     Total title and escrow and other

1,731

1,693

38

Restaurant revenue

293

—

293

Interest and investment income

30

29

1

Realized gains and losses, net

(6)

(3)

(3)

     Total revenue

2,048

1,719

329

Personnel costs

652

614

38

Other operating expenses

432

405

27

Cost of restaurant revenue

245

—

245

Agent commissions

402

402

—

Depreciation and amortization

100

85

15

Title claim loss expense

52

52

—

Interest expense

34

31

3

     Total expenses

1,917

1,589

328

Earnings from continuing operations before taxes

131

130

1

Income tax expense (benefit)

49

50

(1)

Earnings from continuing operations before equity investments

82

80

2

Earnings (loss) from equity investments

2

3

(1)

Net earnings from continuing operations

84

83

1

Non-controlling interests

10

10

—

Net earnings attributable to common shareholders

$

74

$

73

$

1

Cash flows provided by operations

92

73

19

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fnf-group-reports-first-quarter-2017-diluted-eps-of-025-and-adjusted-diluted-eps-of-042-pre-tax-title-margin-of-96-and-adjusted-pre-tax-title-margin-of-111-300450970.html

SOURCE Fidelity National Financial, Inc.

Advisor News

More Advisor News

Annuity News

More Annuity News

Health/Employee Benefits News

More Health/Employee Benefits News

Life Insurance News

More Life Insurance News