Industry News

First American Corp. earnings dip

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The First American Corp., one of the nation's largest data providers, today reported fourth-quarter earnings of $86.1 million, or 93 cents per diluted share, down from $94.1 million, or $1.07 per diluted share, during the same period the previous year. Quarterly revenue was $1.8 billion, up from $1.6 billion the previous year. Net income for all of 2004 was $364.8 million, down from $451 million in 2003. Total revenue for the year was $6.72 billion, up from $6.21 billion in 2003. Fourth-quarter revenue for company's Financial Services Group was $1.4 billion, up from $1.21 billion the previous year. Fourth-quarter revenue for First American's Information Technology Group was $404.3 million, up from $394.7 million the previous year. "With a slowdown in refinance transactions, the residential resale and new-home sale markets remained at record levels throughout the year. Improved operating efficiencies, coupled with market share improvement in all of the company's business segments...