Stewart Information Services Reports Strong Third Quarter 2024 Financial Results

Stewart Information Services Corporation (NYSE: STC) recently released its financial results for the third quarter of 2024. The company reported notable improvements in both total revenues and net income, showcasing a positive trend in performance compared to the same quarter last year.

Total revenues for the quarter amounted to $667.9 million, higher than the $601.7 million reported in the prior year’s third quarter. Adjusted net income attributable to Stewart was $33.1 million, or $1.17 per diluted share, showing significant growth from $23.9 million, or $0.86 per diluted share, reported in the third quarter of 2023. Pretax income before noncontrolling interests increased to $42.8 million compared to $27.1 million in the prior year.

The company’s third quarter 2024 results were positively impacted by strong performance in various lines of business despite challenging macro-economic conditions affecting the residential purchase market. Fred Eppinger, the Chief Executive Officer of Stewart, expressed satisfaction with the progress made during the quarter and emphasized the company’s focus on investing in growth and margin improvement across all business segments.

The Title Segment of Stewart saw its operating revenues increase by 6% driven by growth in domestic commercial and agency title operations. The Real Estate Solutions Segment reported a 41% increase in operating revenues, primarily due to improved credit information and valuation services revenues. The Corporate and Other Segment recorded decreased net expenses associated with corporate operations, attributing to improved overall performance.

Stewart’s robust financial performance in the third quarter was underpinned by enhanced topline results in various business segments, reflecting the company’s commitment to growth and service excellence. The company’s dedication to strategic investments and customer-centric initiatives bodes well for its continued success in the real estate services industry.

Stewart Information Services will be hosting a conference call on Thursday, October 24, 2024, at 8:30 a.m. Eastern Time to discuss its financial results in more detail. Interested parties can join the call to gain further insights into the company’s performance.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Stewart Information Services’s 8K filing here.

About Stewart Information Services

Stewart Information Services Corporation, through its subsidiaries, provides title insurance and real estate transaction related services in the United States and internationally. The company involves in searching, examining, closing, and insuring the condition of the title to real property. It also offers home and personal insurance services; services for tax-deferred exchanges; and digital customer engagement platform services.