First American reports Q2 adjusted EPS $1.53, consensus $1.43

Reports Q2 revenue $1.84B, consensus $1.78B. The company said, “”Our second quarter performance was strong despite continued challenges in the U.S. housing market,” said Mark Seaton, chief executive officer at First American (FAF) Financial Corporation. “The strength of our commercial business, growth in investment income and management of our cost structure enabled us to deliver an adjusted margin in our title segment of 13.2 percent. Our home warranty segment also posted another strong quarter with an adjusted pretax margin of 20.7 percent. This quarter, we ramped up our share repurchases and, in July, our board of directors approved a new $300 million share repurchase authorization. We are at the very beginning of the next real estate cycle and are poised to outperform given our unique assets and the productivity improvements we expect to achieve related to our investments in data, technology and AI.”