Industry News

LandAmerica earnings fall 64%

Less business, more claims hurt third-quarter bottom line

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The slowdown in the housing market sent third-quarter profits at LandAmerica Financial Group down 64 percent compared to last year, the company reported. LandAmerica's third-quarter earnings totaled $15.2 million, or $.89 per share, down from $42.4 million, or $2.35 per share, during the same period last year. But the company has experience weathering such downturns in the business cycle and increasing its national market share even as it cuts costs during the downturn, said President and Chief Executive Officer Theodore L. Chandler Jr. "The softening of the real estate market combined with a claims reserve adjustment has negatively impacted the results for the quarter," Chandler said. "Our leadership team is experienced at managing through the cycle and is actively and aggressively adjusting our costs to the softening market conditions." LandAmerica says its share of the real estate transaction services market stood at 18.5 percent in the second quarter, up from 17.9 percent last ...