Fidelity National reports Q4 adjusted EPS 75c, consensus $1.00

Reports Q4 revenue $3.43B, consensus $2.89B. William P. Foley, II, Chairman, commented, “Our fourth quarter and full year results clearly demonstrate both the strength of our business combined with our durable competitive advantage in the market that continues to grow. This can be seen in our Title business which delivered an industry leading adjusted pre-tax title margin of 13.7% for the full year in what has been the most challenging mortgage market in more than three decades. Additionally, F&G achieved record assets under management of $49.5 billion, rising 14% as compared to year end 2022, and significantly outpacing our expectations. F&G now comprises 30% of FNF‘s annual adjusted net earnings, which provides an important counter cyclical earnings stream with strong growth tailwinds supported by F&G’s recent ratings upgrades from both Moody’s and AM Best.” Foley continued, “In light of F&G’s success, we made the decision to invest $250 million given their many opportunities to grow and expand their business. This capital will allow F&G to accelerate their retained asset growth. We also deployed $300 million across more than ten acquisitions as we opportunistically expand our Title business through the downturn. Looking forward, we will continue to pursue a balanced capital allocation strategy focused on growing our business through attractive acquisitions while maintaining a steady return of capital to our shareholders.”