Title insurer Fidelity National's profit beats Street
(Reuters) - Fidelity National Financial Inc (FNF.N) posted quarterly results above analysts estimates as it earned higher title premiums.
The No. 1 U.S. property title insurer said it will start fully reporting results of its restaurant operations as a distinct segment from the third quarter.
Fidelity has been making moves outside its core title insurance business and sees its restaurant holdings portfolio -- American Blue Ribbon Holdings -- growing into a larger operating unit.
The company's net income rose to $147 million, or 65 cents per share, from $80 million, or 36 cents per share, a year earlier.
Total revenue for the quarter rose 41 percent to $1.74 billion.
Analysts on an average expected the company to earn 48 cents per share on revenue of $1.52 billion, according to Thomson Reuters I/B/E/S.
Total title premiums earned in the quarter rose 12 percent to $946 million.
Shares of the company closed at $18.69 on Monday on the New York Stock Exchange.
(Reporting by Aman Shah in Bangalore; Editing by Roshni Menon)
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