Fidelity National reports Q1 adjusted EPS 78c, consensus $1.11

Reports Q1 revenue $2.73B, consensus $3.32B. William Foley, II, Chairman, commented, “Our business continued to perform well through the first quarter highlighted by industry leading margins from our Title segment and assets under management from F&G. Our Title business has successfully navigated the downturn in the housing market and is delivering impressive profitability and cash flows, both of which are poised to further expand as interest rates normalize. Given our confidence in F&G’s continued growth and our desire to maintain FNF‘s ownership stake above 80%, we made the decision to participate in F&G’s March capital raise by investing $150 million. This capital will position F&G to take advantage of the many opportunities that lie ahead to further grow their business and expand returns while also improving the liquidity in their shares. We also returned capital to FNF’s shareholders having restarted the Company’s share repurchase program late in the first quarter while also paying our quarterly cash dividend.”