First American reports Q1 adjusted EPS $1.33, consensus $1.05

Reports Q1 revenue $1.8B, consensus $1.79B. “We delivered a strong first quarter, with adjusted earnings per share up 58 percent compared to the prior year,” said Mark Seaton, chief executive officer at First American (FAF) Financial Corporation. “Our results were driven by our commercial business, which achieved record first-quarter revenue. In addition, investment income in our title segment grew 12 percent, despite a decline in the federal funds rate, in part due to continued success in capturing additional deposit sources at our bank. Our adjusted pretax title margin was 10.4 percent for the quarter, a great start to the year considering continued softness in the residential market.”