Industry News

Fidelity earnings jump

Title and escrow revenues drive increase

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Fidelity National Financial hit a homer in the third quarter, reporting net earnings of $1.21 per share, compared with $1.09 per share in the same quarter last year. Increased title and escrow revenues drove the company's higher third-quarter profit. Total revenue for the Jacksonville, Fla.-based company was $2.53 billion, compared with $2.16 billion for the third quarter of 2004. Total title and escrow revenue was $1.73 billion for the third quarter of 2005 versus $1.53 billion the previous year. A group of analysts surveyed by Thomson First Call had predicted earnings of $1.08 per share. The company's shares were trading at $37.27, up eight cents a share, or 22 percent, just before noon today (EST) in the wake of the news. "This was a very successful quarter for FNF on a number of fronts," said Chairman and Chief Executive Officer William P. Foley II, in a statement. "We posted very strong financial results, including $1.21 in earnings per share and $467 million in cash flo...