Fidelity National Financial hit a homer in the third quarter, reporting net earnings of $1.21 per share, compared with $1.09 per share in the same quarter last year.

Increased title and escrow revenues drove the company’s higher third-quarter profit.

Total revenue for the Jacksonville, Fla.-based company was $2.53 billion, compared with $2.16 billion for the third quarter of 2004. Total title and escrow revenue was $1.73 billion for the third quarter of 2005 versus $1.53 billion the previous year.

A group of analysts surveyed by Thomson First Call had predicted earnings of $1.08 per share.

The company’s shares were trading at $37.27, up eight cents a share, or 22 percent, just before noon today (EST) in the wake of the news.

“This was a very successful quarter for FNF on a number of fronts,” said Chairman and Chief Executive Officer William P. Foley II, in a statement.

“We posted very strong financial results, including $1.21 in earnings per share and $467 million in cash flow from operations,” Foley noted.

“We also announced the merger between Fidelity National Information Services and Certegy and are now actively involved in the integration process for those businesses,” Foley said.

Fidelity is merging its mortgage processing unit with credit and debit processor Certegy in a deal that will give Fidelity majority control of the new publicly traded entity, the companies announced in September.

Fidelity said it expected the new company to pull in revenue at a rate of nearly $4 billion a year and pegged its earnings before interest, taxes, depreciation and amortization at $1 billion.

The name of the combined company will become Fidelity National Information Services Inc. and will trade on the New York Stock Exchange under the symbol “FIS.”

Foley said, “Finally, we completed the distribution of Fidelity National Title Group stock to FNF shareholders on October 17th and FNT is now trading as a majority-owned, publicly traded subsidiary of FNF.”

Earlier this month, Fidelity agreed to refund $2.2 million to central Florida residents in the wake of an investigation by Florida’s Department of Financial Services into alleged illegal referrals to title agencies for business.

Under the refund program, Fidelity National title customers who paid for title insurance provided by one of 60 title agencies in central Florida will receive 30 percent of the title insurance premium paid at the time of closing within the next 120 days. Fidelity also paid a $1 million fine, the department said.


Send tips or a Letter to the Editor to or call (510) 658-9252, ext. 140.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
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