First American Financial reports Q1 EPS 45c, consensus 59c

Reports Q1 revenue $1.4B, consensus $1.43B. “Market conditions in the real estate and mortgage industries continued to be a challenge in the seasonally weak first quarter,” said Ken DeGiorgio, chief executive officer at First American Financial Corporation. “Elevated mortgage rates and low, albeit growing, inventory levels have caused transaction volumes to remain near historically low levels. During this period, we have maintained our focus on managing operating expenses while continuing to invest in long-term strategic initiatives such as expanding our title plant assets and building technology solutions to increase efficiency, reduce risk and enhance our customers’ experience.”