LandAmerica Financial Group on Wednesday reported net income of $20.9 million for the first quarter of 2004, a drop from $42 million in net earnings for the first quarter of 2003.

Net income per diluted share was $1.11 for the first quarter of 2004, compared with $2.28 a year ago.

Revenues for the first quarter were $760 million, compared with $696 million a year ago. Direct title revenues declined, resulting from reduced levels of residential financing activity, while agency revenue improved as the agents continued to report business written in 2003, according to a company statement.

The decline in earnings were affected by a number of factors, including significantly reduced refinancing volumes in the early part of the first quarter, a shift in mix toward more agency business and a slightly higher expense structure in title operations.

LandAmerica provides real estate transaction services.

***

Send tips, feedback or a letter to the editor to samantha@inman.com or call (510) 658-9252, ext. 140.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Inman Connect Black Friday Sale! Bundle our next two events or secure your 2021 All Access Pass.SEE THE DEALS×
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription