LandAmerica Financial Group reported record consolidated operating revenue for third-quarter 2005 of $1.02 billion, an increase of $163 million, or 19 percent, over third-quarter 2004. Acquisitions completed since Sept. 30, 2004, contributed approximately $20.5 million to this increase, the company said.
Operating revenue for the Title Operations segment for third-quarter 2005 was $955.6 million, an increase of $146.8 million, or 18.2 percent, over third-quarter 2004.
Operating revenue for the Lender Services segment increased 7.7 percent to $36.5 million for third-quarter 2005 over third-quarter 2004.
The company reported third-quarter net income of $41.6 million, or $2.31 per share, up 24 percent from $33.5 million, or $1.88 per share, a year ago.
“I am pleased to report record operating revenue for LandAmerica this quarter. For the first time, LandAmerica crossed the billion-dollar mark in quarterly operating revenue,” said President and Chief Executive Officer Theodore L. Chandler Jr. “Over 90 percent of our revenue comes from our Title Operations segment, which in this quarter produced operating income before taxes at the highest level in the company’s history. Our company is built on the strength of the U.S. real estate economy. Current favorable market conditions, combined with strong revenue generation and expense control actions in our title operations, positively impacted our performance this quarter.”
LandAmerica (NYSE:LFG) shares were trading at $65.95 this morning.
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