Fidelity National Financial Q1 earnings beat helped by F&G growth strategy (NYSE:FNF)
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Fidelity National Financial (NYSE:FNF) stock is gaining 3.4% in Tuesday after-hours trading after Q1 results topped Wall Street expectations, reflecting stable revenue at its title business and progress in its F&G insurance business growth strategy.
“Our Title business was boosted by strong demand in the commercial market and home price appreciation in the residential purchase market, which offset the continued decline in refinance volumes in the rising interest rate environment,” said Chairman William P. Foley, II. “F&G continues to execute well on its diversified growth strategy and delivered strong sales in the first quarter which, in turn, drives growth in assets under management and profitability, particularly in a rising interest rate environment.”
Q1 adjusted EPS of $1.37, topping the $1.28 consensus, dipped from $2.16 in Q4 2021 and from $1.56 in Q1 2021.
Q1 total revenue of $3.17B exceeded the $2.89B consensus and compared with $4.80B in Q4 2021 and $3.10B in Q1 2021.
Q1 Title revenue of $2.38B vs. $2.52B in the year-ago quarter; F&G revenue of $748M rose from $539M in Q1 2021.
Q1 F&G total sales of $2.59B increased from $2.20B in Q4 2021 and from $1.65B in the year-ago quarter.
Conference call on May 11 at 11:00 AM ET.
Earlier, Fidelity National Financial (FNF) non-GAAP EPS of $1.37 beats by $0.09, revenue of $3.17B beats by $280M