* Q2 EPS $0.32 vs est $0.31
* Average rev per order rises
* Open orders higher than closed in Q2
Aug 3 First American Financial Corp (FAF.N),
one of the largest U.S. title insurers by revenue, reported a
better-than-expected quarterly profit, as its average revenue
per order rose.
The Santa Ana, California-based company earned $33.8
million, or 32 cents a share, during the second quarter,
compared with $28.6 million, or 27 cents a share, last year.
Analysts on average were expecting the company to earn 31
cents a share, according to Thomson Reuters I/B/E/S.
Average revenue per direct title order was up 20 percent to
$1,565. The insurer's net realized investment gains were 2
cents a share, compared with a loss of 13 cents a share last
The company closed 309,000 orders for the quarter, while it
opened 410,000 orders.
Title insurance guarantees that property owners have title
to their property and can legally transfer it. Many lenders
require buyers to have the insurance before extending loans,
and the industry has to depend on total mortgage-origination
First American shares closed at $14.88 Monday on the New
York Stock Exchange.
(Reporting by Himank Sharma in Bangalore; Editing by Jarshad