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Stewart Reports Fourth Quarter 2023 Results
Mann mit Wirtschaftszeitung (Symbolbild).
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PR Newswire
HOUSTON, Feb. 7, 2024
- Total revenues of $582.2 million ($577.4 million on an adjusted basis) compared to $655.9 million ($643.2 million on an adjusted basis) in the prior year quarter
- Net income of $8.8 million ($16.6 million on an adjusted basis) compared to $13.3 million ($22.9 million on an adjusted basis) in the prior year quarter
- Diluted EPS of $0.32 ($0.60 on an adjusted basis) compared to prior year quarter diluted EPS of $0.49 ($0.84 on an adjusted basis)
HOUSTON, Feb. 7, 2024 /PRNewswire/ -- Stewart Information Services Corporation (NYSE: STC) today reported net income attributable to Stewart of $8.8 million ($0.32 per diluted share) for the fourth quarter 2023, compared to $13.3 million ($0.49 per diluted share) for the fourth quarter 2022. On an adjusted basis, Stewart's fourth quarter 2023 net income was $16.6 million ($0.60 per diluted share) compared to $22.9 million ($0.84 per diluted share) in the fourth quarter 2022. Fourth quarter 2023 pretax income before noncontrolling interests was $18.8 million ($29.1 million on an adjusted basis) compared to pretax income before noncontrolling interests of $20.8 million ($33.3 million on an adjusted basis) for the fourth quarter 2022.
Fourth quarter 2023 results included $4.8 million of pretax net realized and unrealized gains primarily driven by net unrealized gains on fair value changes of equity securities investments and net gains from acquisition liability adjustments, offset by $6.4 million of combined office closures and severance expenses. Fourth quarter 2022 results included $12.7 million of pretax net realized and unrealized gains, primarily composed of net unrealized gains on fair value changes of equity securities investments and gains related to settlements of company-owned insurance policies, offset by $16.7 million of combined office closure, severance and regulatory settlement and litigation expenses.
"Our fourth quarter results reflect continuing uncertainty in the real estate market due to the higher interest rate environment coupled with the normal seasonality. Although we are encouraged by the moderation of interest rates into the mid – 6 percent range during the fourth quarter and into early 2024, we maintain our outlook that higher interest rates will negatively impact real estate transaction volume in the first half of 2024," commented Fred Eppinger, chief executive officer. "We have made excellent progress on our strategic investments during 2023 and will continue to focus on balancing thoughtful cost discipline with investment in these long-term enterprise initiatives to create a stronger and more resilient company."
Selected Financial Information
Summary results of operations are as follows (dollars in millions, except per share amounts, pretax margin and adjusted pretax margin, and amounts may not add as presented due to rounding):
| | Quarter Ended December 31, | | Year Ended December 31, | ||
| | 2023 | 2022 | | 2023 | 2022 |
| | | | | | |
| Total revenues | 582.2 | 655.9 | | 2,257.3 | 3,069.3 |
| Pretax income before noncontrolling interests | 18.8 | 20.8 | | 60.9 | 232.7 |
| Income tax expense | (5.7) | (2.5) | | (15.3) | (50.9) |
| Net income attributable to noncontrolling interests | (4.3) | (4.9) | | (15.2) | (19.5) |
| Net income attributable to Stewart | 8.8 | 13.3 | | 30.4 | 162.3 |
| Non-GAAP adjustments, after taxes* | 7.8 | 9.6 | | 36.2 | 43.1 |
| Adjusted net income attributable to Stewart* | 16.6 | 22.9 | | 66.6 | 205.4 |
| Pretax margin | 3.2 % | 3.2 % | | 2.7 % | 7.6 % |
| Adjusted pretax margin* | 5.0 % | 5.2 % | | 4.8 % | 9.5 % |
| Net income per diluted Stewart share | 0.32 | 0.49 | | 1.11 | 5.94 |
| Adjusted net income per diluted Stewart share* | 0.60 | 0.84 | | 2.42 | 7.51 |
| |
| * Adjusted net income, adjusted pretax margin and adjusted net income per diluted share are non-GAAP measures. See Appendix A for explanation and reconciliation of non-GAAP adjustments. |
Title Segment
Summary results of the title segment are as follows (dollars in millions, except pretax margin and adjusted pretax margin):
| | Quarter Ended December 31, | | | |||
| | 2023 | 2022 | % Change | | | |
| | | | | | | |
| Operating revenues | 503.0 | 581.6 | (14 %) | | | |
| Investment income | 13.0 | 6.9 | 89 % | | | |
| Net realized and unrealized gains | 5.1 | 10.3 | (50 %) | | | |
| Pretax income | 27.3 | 26.9 | 2 % | | | |
| Non-GAAP adjustments to pretax income* | 4.0 | 8.3 | | | | |
| Adjusted pretax income* | 31.4 | 35.2 | (11 %) | | | |
| Pretax margin Werbung Mehr Nachrichten zur Stewart Information Services Aktie kostenlos abonnieren
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