Industry News

Fidelity National Financial earnings fall 36%

Title orders closed in June down 21% from last year

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Higher interest rates and the slowdown in the mortgage lending and housing markets helped push Fidelity National Financial's second-quarter profits down 36 percent from last year, to $84.8 million.  Revenue for the quarter totaled $1.49 billion, down 44 percent from $2.64 billion for the same quarter last year. "We expect the second half of 2007 to remain a challenge and we will continue to monitor order counts and employee headcount in our quest to maximize earnings from our title business," FNF Chairman of the Board William P. Foley II said in a statement. In announcing results for the second quarter, the company highlighted a 9.6 percent pre-tax profit margin in the title business as a bright spot in a "difficult operating environment." Profit margins in the title business were 12.3 percent in the same quarter last year, however. Second quarter pre-tax earnings in FNF's title group -- which includes Fidelity National Title, Chicago Title, Ticor Title, Security Union Title and...