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CORRECTED-UPDATE 1-Title insurer Fidelity National's profit beats Street
July 23, 2012 / 8:35 PM / in 5 years

CORRECTED-UPDATE 1-Title insurer Fidelity National's profit beats Street

(Corrects first bullet point, paragraph 6 to clarify analysts estimated EPS of $0.47, not $0.48)

* Q2 EPS $0.65 vs est $0.47

* Q2 rev $1.74 bln vs $1.52 bln

* Total tile premiums earned in Q2 rises 12 pct

July 23 (Reuters) - Fidelity National Financial Inc 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 47 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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