Industry News

First American’s quarterly income drops

Total revenues remain the same

The First American Corp. today announced net income of $107.2 million, or $1.17 per diluted share, for the third quarter. That's down from $141.8 million, or $1.62 per diluted share, in the third quarter of 2003. The company's revenue totaled $1.72 billion in the third quarters of both this year and last. "The third quarter produced strong results despite a declining volume of mortgage applications, particularly from refinance activity, when compared with the record-setting third quarter of 2003," said Parker S. Kennedy, chairman and CEO. "This decline in refinance activity was offset, in part, by continued strength in the residential resale and new home sale markets." The company's revenues totaled $4.92 billion for the first nine months of this year, up from $4.6 billion the same period a year ago. Net income for the first nine months of 2004 was $278.7 million, or $3.07 per diluted share, down from $356.9 million, or $4.15 per diluted share, during the first nine months of 2003. F...