Fidelity National Financial today reported a dip in net earnings for the second quarter from a year ago. The company’s earnings were $222.1 million, down from $248.3 million a year earlier.
Earnings per share were $1.26, down from $1.62 during the same quarter last year.
The company, which provides products and outsourced services to financial institutions and the real estate industry, reported second-quarter operating revenue of $2.2 billion, up from $2 billion during the same quarter in 2003. Title and escrow revenue was $1.5 billion, up from $1.4 billion the previous year.
Fidelity National Information Services (FNIS), a wholly owned subsidiary of Fidelity National, has filed a registration statement to offer shares in an initial public offering. After the completion of the initial public offering, FNIS will consist of Financial Institution Software and Services, Lender Outsourcing Solutions and Information Services. It will also have a “Corporate” and “Other” segment, according to Fidelity National.
After completion of the FNIS IPO spin-off of Fidelity’s remaining ownership in FNIS, Fidelity will consist of the Title and Escrow and Specialty Insurance segments, and will have a “Corporate” and “Other” segment.
Revenue from Financial Institution Software and Services, which includes the financial institution and mortgage processing businesses, was $300 million in the second quarter, up from $220 million during the same quarter last year.
Second-quarter revenue from Lender Outsourcing Solutions, which includes the loan facilitation services of LSI, outsourced default management services and the loan fulfillment and processing services for homebuilders, was$129 million, down from $155 million a year earlier.
Information Services revenue, which includes property data and real estate-related services, 1031 exchange intermediary services and multiple listing services, was $145 million for the second quarter, down from $147 million last year. Specialty Insurance contributed $58 million, up from $30 million last year.
Fidelity National Financial (NYSE: FNF) shares traded at $36.99 this morning, down 1.7 percent from the previous day’s closing price of $37.63.
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