First American Financial Corporation has announced an increase in its earnings for the first quarter when compared to the same period last year. Despite the growth, the financial figures fell short of Wall Street's estimates.
The company reported the net earnings of $46.7 million, equating to $0.45 per share. In comparison, earnings in the first quarter of the previous year amounted to $45.9 million or $0.44 per share.
When excluding particular items from the statement, the adjusted earnings for First American Financial Corporation tallied at $46.9 million, or $0.45 per share.
Analysts, on average, had predicted that the company would garner $0.59 per share. These forecasts, collated by Thomson Reuters, typically exclude extraordinary items.
First American Financial’s revenue for the initial quarter decreased by 2.1%, falling to $1.42 billion in comparison to last year's $1.45 billion.
To summarize the financial picture painted by GAAP, First American Financial reports that earnings for the first quarter of this year stand at $46.7 million versus $45.9 million from the same period last year. Earnings per share (EPS) are $0.45 compared to the last year's $0.44, and the company's revenue for the first quarter amounts to $1.42 billion, down from $1.45 billion last year.
