Industry News

Fidelity earnings dip

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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, accordin...