Fidelity National Homeowners Insurance Com

Fidelity National Financial's CEO Discusses Q3 2011 Results - Earnings Call ...

Executives

William P. Foley - Executive Chairman, Chairman of Executive Committee and Chairman of FNF Holding

Daniel Kennedy Murphy - Senior Vice President of Finance and Investor Relations of Fidelity National Financial

Anthony J. Park - Chief Financial Officer, Principal Accounting Officer and Executive Vice President

Raymond R. Quirk - President

George Scanlon - Chief Executive Officer and Chief Operating Officer

Analysts

Nathaniel Otis - Keefe, Bruyette, & Woods, Inc., Research Division

Brett Huff - Stephens Inc., Research Division

Mark C. DeVries - Barclays Capital, Research Division

Fidelity National Financial ( FNF ) Q3 2011 Earnings Call October 20, 2011 10:00 AM ET

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the FNF 2011 Third Quarter Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. I'll now turn the conference over to your host, Mr. Dan Murphy. Please go ahead, sir.

Daniel Kennedy Murphy

Thanks. Good morning, everyone, and thanks for joining us for our third quarter 2011 earnings conference call. Joining me today are Bill Foley, our Chairman; George Scanlon, CEO; Randy Quirk, our President; and Tony Park, CFO. We will begin with a brief strategic overview from Bill Foley. George Scanlon will provide an update on the Title business and our other operating companies, and Tony Park will finish with a review of the financial highlights. We'll then open the call for your questions and finish with some concluding remarks from Bill Foley.

This conference call may contain forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our expectations, hopes, intentions or strategies regarding the future, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise. The risks and uncertainties, which forward-looking statements are subject to, include but are not limited to the risks and other factors detailed in our press release dated yesterday and in the statement regarding forward-looking information, risk factors and other sections of the company's Form 10-K and other filings with the SEC. This conference call will be available for replay via webcast at our website at fnf.com. It will also be available through phone replay beginning at noon, Eastern Time today through next Thursday, October 27. The replay number is (800) 475-6701 and the access code is 219468.

Fidelity National net income falls 11 percent - CBS MoneyWatch.com

JACKSONVILLE, Fla. — Fidelity National Financial Inc., which provides title insurance, flood insurance, and mortgage services, said Wednesday its net income fell 11 percent as summer storm losses in an insurance business pushed earnings lower.

The results fell below Wall Street expectations and Fidelity National's shares dropped more than 4 percent in extended trading.

The Jacksonville-based company posted net income of $74.3 million, or 33 cents per share, compared with $83.2 million, or 36 cents per share a year ago.

Analysts surveyed by FactSet expected 37 cents per share.

Revenue fell nearly 10 percent to $1.24 billion from $1.37 billion the year before. Analysts had expected $1.35 billion in the latest quarter.

Title premiums slipped 11 percent to $800 million while other fees rose 4.6 percent to $371.9 million.

The company posted $3.7 million in equity investment profit. The year-ago profit was $900,000.

Claims related to summer storms including Hurricane Irene reduced net income by $9 million, or 4 cents per share, the company said.

In July, the company announced plans to sell its flood insurance business for $210 million. That will generate an estimated $154 million pre-tax gain. The deal is expected to close in the next several weeks.

As a result of the decline in mortgage rates beginning in August, the company began to see a significant increase in home refinancing which boosts demand for its title insurance and mortgage-related products.

Shares fell 66 cents, or 4.3 percent, to $14.85 in extended trading. In the regular session before the release of the earnings report, they shed 34 cents, or 2 percent, to close at $15.51. They've traded between $12.74 and $17.43 in the past 52 weeks.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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