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First American Financial Corporation (FAF)
NYSE:FAF
Holding FAF?
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Earnings Data
Report Date
Feb 12, 2025After Close Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$1.1Last Year’s EPS
$0.33Same Quarter Last Year
Moderate Buy
Based on 4 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 23, 2024
|% Change Since: -0.76%
|Next Earnings Date:Feb 12, 2025
Earnings Call Sentiment|Neutral
The earnings call highlighted positive revenue and earnings growth, particularly in commercial and refinance segments, alongside strategic investment income improvements. However, challenges such as GAAP losses, margin declines in Home Warranty, and persistent market difficulties were noted.Company Guidance
During the third quarter of 2024, First American Financial Corporation reported a 4% increase in adjusted revenue, marking the first year-over-year growth since Q2 2022, with adjusted earnings per diluted share rising by 10% to $1.34. The commercial division saw a notable 19% increase in revenues, driven by an 80% rise in large transactions. Despite a 2% decline in closed purchase orders per day due to fluctuating mortgage rates, purchase revenue increased by 3%, supported by ongoing home price appreciation. Refinance revenue surged by 20% with a 12% rise in closed refinance orders. The Home Warranty segment experienced a decline in adjusted pretax margin to 7.7% due to increased marketing spend, aimed at enhancing future profitability. The company anticipates continued challenges in the purchase market but expects improvements in the refinance and commercial sectors, projecting modest revenue growth for the full year. Additionally, First American undertook a portfolio rebalancing project resulting in $312 million in net realized investment losses but anticipates $67 million in increased annual investment income starting in Q4. The company's debt-to-capital ratio stood at 34.8%, with $450 million raised through a 10-year senior notes offering.Revenue and Earnings Growth
Adjusted revenue increased by 4% year-over-year, marking the first growth since Q2 2022. Adjusted earnings per diluted share rose by 10% to $1.34.
Commercial Division Performance
Commercial division revenues increased by 19%, with an 80% increase in large transactions contributing to a sharp rise in the fee per file.
Refinance Revenue Surge
Closed refinance orders rose 12%, leading to a 20% increase in refinance revenue.
Investment Portfolio Rebalancing
The rebalancing project is expected to increase investment income by approximately $67 million annually starting in Q4.
Shareholder Returns
Since 2022, the company repurchased 10 million shares and increased the common stock dividend by 6%.
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FAF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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FAF Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 23, 2024 | $63.30 | $63.44 | +0.22% |
| Jul 24, 2024 | $56.30 | $57.12 | +1.46% |
| Apr 24, 2024 | $56.30 | $52.88 | -6.07% |
| Feb 07, 2024 | $57.44 | $56.96 | -0.84% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does First American Financial Corporation (FAF) report earnings?
First American Financial Corporation (FAF) is schdueled to report earning on Feb 12, 2025, After Close Not Confirmed.
What is First American Financial Corporation (FAF) earnings time?
First American Financial Corporation (FAF) earnings time is at Feb 12, 2025, After Close Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is FAF EPS forecast?
FAF EPS forecast for the fiscal quarter 2024 (Q4) is $1.1.
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