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    Stewart Reports Third Quarter 2024 Results

    10/23/24 4:15:00 PM ET
    $STC
    Specialty Insurers
    Finance
    Get the next $STC alert in real time by email
    • Total revenues of $667.9 million ($663.2 million on an adjusted basis) compared to $601.7 million ($603.7 million on an adjusted basis) in the prior year quarter
    • Net income of $30.1 million ($33.1 million on an adjusted basis) compared to $14.0 million ($23.9 million on an adjusted basis) in the prior year quarter
    • Diluted earnings per share of $1.07 ($1.17 on an adjusted basis) compared to prior year diluted EPS of $0.51 ($0.86 on an adjusted basis)

    HOUSTON, Oct. 23, 2024 /PRNewswire/ -- Stewart Information Services Corporation (NYSE:STC) today reported net income attributable to Stewart of $30.1 million ($1.07 per diluted share) for the third quarter 2024, compared to $14.0 million ($0.51 per diluted share) for the third quarter 2023. On an adjusted basis, third quarter 2024 net income was $33.1 million ($1.17 per diluted share) compared to $23.9 million ($0.86 per diluted share) in the third quarter 2023. Pretax income before noncontrolling interests for the third quarter 2024 was $42.8 million ($46.8 million on an adjusted basis) compared to $27.1 million ($40.0 million on an adjusted basis) for the third quarter 2023.

    Stewart Logo (PRNewsfoto/Stewart Information Services Co)

    Third quarter 2024 results included $4.7 million of pretax net realized and unrealized gains, while third quarter 2023 results included $1.9 million of pretax net realized and unrealized losses, both of which were primarily driven by net unrealized gains and losses, respectively, from fair value changes of equity securities investments in the title segment.

    "We are proud of our third quarter results as they reflect continued progress on our journey. Strong topline performance in several lines of business resulted in improved third quarter results when compared to the same quarter last year, even as residential purchase market conditions remain difficult given macro-economic impacts," commented Fred Eppinger, chief executive officer. "We remain focused on investing in ourselves to better the company and our customers and remain dedicated to prioritizing our pursuit of growth and margin improvement across all lines of business."

    Selected Financial Information

    Summary results of operations are as follows (dollars in millions, except per share amounts, pretax margin and adjusted pretax margin, and amounts may not add as presented due to rounding):



    Quarter Ended

    September 30,



    Nine Months Ended

    September 30,



    2024

    2023



    2024

    2023













    Total revenues

    667.9

    601.7



    1,824.5

    1,675.2

    Pretax income before noncontrolling interests

    42.8

    27.1



    78.9

    42.1

    Income tax expense

    (9.1)

    (9.1)



    (18.0)

    (9.6)

    Net income attributable to noncontrolling interests

    (3.6)

    (3.9)



    (10.4)

    (10.9)

    Net income attributable to Stewart

    30.1

    14.0



    50.6

    21.6

    Non-GAAP adjustments, after taxes*

    3.0

    9.9



    12.3

    27.7

    Adjusted net income attributable to Stewart*

    33.1

    23.9



    62.8

    49.4

    Pretax margin

    6.4 %

    4.5 %



    4.3 %

    2.5 %

    Adjusted pretax margin*

    7.1 %

    6.6 %



    5.3 %

    4.7 %

    Net income per diluted Stewart share

    1.07

    0.51



    1.80

    0.79

    Adjusted net income per diluted Stewart share*

    1.17

    0.86



    2.24

    1.80



    * Adjusted net income, adjusted pretax margin and adjusted net income per diluted share are non-GAAP measures. See Appendix A for explanation and reconciliation of non-GAAP adjustments.

    Title Segment

    Summary results of the title segment are as follows (dollars in millions, except pretax margin and adjusted pretax margin):



    Quarter Ended September 30,







    2024

    2023

    % Change

















    Operating revenues

    553.3

    522.1

    6 %





    Investment income

    13.6

    13.4

    2 %





    Net realized and unrealized gains (losses)

    4.8

    (1.8)

    361 %





    Pretax income

    45.0

    35.4

    27 %





    Non-GAAP adjustments to pretax income*

    (1.6)

    6.6







    Adjusted pretax income*

    43.4

    42.0

    3 %





    Pretax margin

    7.9 %

    6.6 %







    Adjusted pretax margin*

    7.7 %

    7.8 %















    * Adjusted pretax income and adjusted pretax margin are non-GAAP financial measures. See Appendix A for explanation and reconciliation of non-GAAP adjustments.



    Title segment operating revenues in the third quarter 2024 increased $31.2 million, or 6 percent, primarily driven by higher revenues from our domestic commercial and agency title operations, while total segment operating expenses increased $28.4 million, or 6 percent, compared to the third quarter 2023. Agency retention expenses in the third quarter 2024 increased $15.0 million, or 7 percent, primarily resulting from $16.8 million (6 percent) higher gross agency revenues compared to the third quarter 2023.

    Total title segment employee costs and other operating expenses increased by $14.6 million, or 6 percent, in the third quarter 2024 compared to the prior year quarter, primarily due to higher outside search and incentive compensation expenses related to higher commercial revenues. As a percentage of operating revenues, these expenses were 47.4 percent in both third quarters of 2024 and 2023. Title loss expense in the third quarter 2024 decreased $1.0 million, or 4 percent, primarily due to an overall favorable claim experience compared to the prior year quarter. As a percentage of title revenues, title loss expense was 3.8 percent for the third quarter 2024 compared to 4.3 percent in the third quarter 2023.

    In addition to the net realized and unrealized losses and gains presented above, non-GAAP adjustments to the title segment's pretax income for the third quarters 2024 and 2023 included $3.2 million and $4.8 million, respectively, of total acquisition intangible asset amortization and other expenses (refer to Appendix A).

    Direct title revenues information is presented below (dollars in millions):



    Quarter Ended September 30,



    2024

    2023

    % Change

    (Rounded)













    Non-commercial:









    Domestic

    168.2

    167.6

    0 %



    International

    29.0

    29.1

    0 %





    197.2

    196.7

    0 %



    Commercial:









    Domestic

    67.4

    51.9

    30 %



    International

    6.1

    7.8

    (22 %)





    73.5

    59.7

    23 %



    Total direct title revenues

    270.7

    256.4

    6 %











    Total non-commercial domestic revenues in the third quarter 2024 were comparable to the prior year quarter, primarily due to the higher average fee per file offsetting the slightly lower total non-commercial domestic transactions in the third quarter 2024. Domestic commercial revenues in the third quarter 2024 increased $15.5 million, or 30 percent, due to a higher average transaction size and a 4 percent improvement in commercial transactions closed compared to the third quarter 2023. Third quarter 2024 average domestic commercial fee per file was $17,700, which was 25 percent higher compared to $14,200 from the prior year quarter, while average residential fee per file was $3,000, a 2 percent improvement compared to the prior year quarter.

    Real Estate Solutions Segment

    Summary results of the real estate solutions segment are as follows (dollars in millions, except pretax margin and adjusted pretax margin):



    Quarter Ended September 30,





    2024

    2023

    % Change













    Operating revenues

    96.3

    68.2

    41 %



    Pretax income

    7.4

    2.6

    181 %



    Non-GAAP adjustments to pretax income*

    5.5

    6.3





    Adjusted pretax income*

    12.9

    8.9

    45 %



    Pretax margin

    7.7 %

    3.8 %





    Adjusted pretax margin*

    13.4 %

    13.0 %









    * Adjusted pretax income and adjusted pretax margin are non-GAAP financial measures. See Appendix A for an explanation and reconciliation of non-GAAP adjustments.



    Segment operating revenues in the third quarter 2024 increased $28.2 million, or 41 percent, compared to the prior year quarter, primarily due to improved revenues from our credit information and valuation services. On a combined basis, segment employee costs and other operating expenses in the third quarter 2024 increased $24.2 million, or 41 percent, in line with the higher operating revenues. Non-GAAP adjustments to pretax income shown in the schedule above were related to acquisition intangible asset amortization expenses.

    Corporate and Other Segment

    The segment's results were primarily driven by net expenses attributable to corporate operations, which decreased to $9.5 million in the third quarter 2024, compared to $10.8 million in the third quarter 2023, primarily due to a prior acquisition-related settlement expense in the third quarter 2023.

    Expenses

    Consolidated employee costs in the third quarter 2024 increased $12.4 million, or 7 percent, compared to the prior year quarter, primarily driven by increased incentive compensation on higher title and real estate solutions revenues. As a percentage of total operating revenues, employee costs improved to 29.8 percent in the third quarter 2024 compared to 30.7 percent in the third quarter 2023.

    Consolidated other operating expenses in the third quarter 2024 increased $25.2 million, or 19 percent, primarily driven by higher service expenses and outside search fees related to higher revenues from real estate solutions and commercial title operations, respectively, compared to the third quarter 2023. As a percentage of total operating revenues, total other operating expenses for the third quarter 2024 increased to 24.0 percent compared to 22.1 percent in the prior year quarter, primarily due to increased real estate solutions service expenses.

    Other

    Net cash provided by operations in the third quarter 2024 was $76.1 million compared to $59.5 million in the third quarter 2023, primarily driven by increased consolidated net income in the third quarter 2024. 

    Third quarter Earnings Call

    Stewart will hold a conference call to discuss the third quarter 2024 earnings at 8:30 a.m. Eastern Time on Thursday, October 24, 2024. To participate, dial (800) 343-5172 (USA) or (203) 518-9856 (International) - access code STCQ324. Additionally, participants can listen to the conference call through Stewart's Investor Relations website at https://investors.stewart.com/news-and-events/events/default.aspx. The conference call replay will be available from 11:00 a.m. Eastern Time on October 24, 2024 until midnight on October 31, 2024 by dialing (800) 839-5634 (USA) or (402) 220-2560 (International).

    About Stewart

    Stewart (NYSE-STC) is a global real estate services company, offering products and services through our direct operations, network of Stewart Trusted Providers™ and family of companies. From residential and commercial title insurance and closing and settlement services to specialized offerings for the mortgage and real estate industries, we offer the comprehensive service, deep expertise and solutions our customers need for any real estate transaction. At Stewart, we are dedicated to becoming the premier title services company and we are committed to doing so by partnering with our customers to create mutual success. Learn more at stewart.com.

    Cautionary statement regarding forward-looking statements. Certain statements in this earnings release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements relate to future, not past, events and often address our expected future business and financial performance. These statements often contain words such as "may," "expect," "anticipate," "intend," "plan," "believe," "seek," "will," "foresee" or other similar words. Forward-looking statements by their nature are subject to various risks and uncertainties that could cause our actual results to be materially different than those expressed in the forward-looking statements. These risks and uncertainties include, among other things, the volatility of economic conditions; adverse changes in the level of real estate activity; changes in mortgage interest rates, existing and new home sales, and availability of mortgage financing; our ability to respond to and implement technology changes, including the completion of the implementation of our enterprise systems; the impact of unanticipated title losses or the need to strengthen our policy loss reserves; any effect of title losses on our cash flows and financial condition; the ability to attract and retain highly productive sales associates; the impact of vetting our agency operations for quality and profitability; independent agency remittance rates; changes to the participants in the secondary mortgage market and the rate of refinancing that affects the demand for title insurance products; regulatory non-compliance, fraud or defalcations by our title insurance agencies or employees; our ability to timely and cost-effectively respond to significant industry changes and introduce new products and services; the outcome of pending litigation; our ability to manage risks associated with potential cybersecurity or other privacy or data security breaches; the impact of changes in governmental and insurance regulations, including any future reductions in the pricing of title insurance products and services; our dependence on our operating subsidiaries as a source of cash flow; our ability to access the equity and debt financing markets when and if needed; our ability to grow our international operations; seasonality and weather; and our ability to respond to the actions of our competitors. These risks and uncertainties, as well as others, are discussed in more detail in our documents filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2023, and if applicable, as supplemented by any risk factors contained in our Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K filed subsequently. All forward-looking statements included in this earnings release are expressly qualified in their entirety by such cautionary statements. We expressly disclaim any obligation to update, amend or clarify any forward-looking statements contained in this earnings release to reflect events or circumstances that may arise after the date hereof, except as may be required by applicable law.

    ST-IR

    STEWART INFORMATION SERVICES CORPORATION

    CONDENSED STATEMENTS OF INCOME

    (In thousands of dollars, except per share amounts and except where noted)





    Quarter Ended

    September 30,



    Nine Months Ended

    September 30,



    2024

    2023



    2024

    2023

    Revenues:











    Title revenues:











    Direct operations

    270,706

    256,377



    736,774

    722,242

    Agency operations

    282,549

    265,700



    764,081

    723,476

    Real estate solutions

    96,346

    68,190



    271,561

    202,169

    Total operating revenues

    649,601

    590,267



    1,772,416

    1,647,887

    Investment income

    13,626

    13,393



    40,833

    32,114

    Net realized and unrealized gains (losses)

    4,714

    (1,946)



    11,238

    (4,829)



    667,941

    601,714



    1,824,487

    1,675,172

    Expenses:











    Amounts retained by agencies

    233,980

    218,983



    634,083

    596,498

    Employee costs

    193,862

    181,493



    545,987

    534,710

    Other operating expenses

    155,646

    130,455



    444,890

    380,530

    Title losses and related claims

    21,282

    22,251



    59,754

    59,727

    Depreciation and amortization

    15,480

    16,414



    46,062

    46,848

    Interest

    4,899

    5,054



    14,768

    14,777



    625,149

    574,650



    1,745,544

    1,633,090

    Income before taxes and noncontrolling interests

    42,792

    27,064



    78,943

    42,082

    Income tax expense

    (9,123)

    (9,134)



    (17,999)

    (9,588)

    Net income

    33,669

    17,930



    60,944

    32,494

    Less net income attributable to noncontrolling interests

    3,573

    3,931



    10,375

    10,870

    Net income attributable to Stewart

    30,096

    13,999



    50,569

    21,624













    Net earnings per diluted share attributable to Stewart

    1.07

    0.51



    1.80

    0.79

    Diluted average shares outstanding (000)

    28,200

    27,650



    28,069

    27,445













    Selected financial information:











    Net cash provided by operations

    76,121

    59,533



    67,656

    43,578

    Other comprehensive income (loss)

    18,259

    (13,295)



    10,911

    (7,278)

     

    Third Quarter Domestic Order Counts:















    Opened Orders 2024:

    July

    August

    Sept

    Total



    Closed Orders 2024:

    July

    August

    Sept

    Total

    Commercial

    1,111

    1,273

    1,281

    3,665



    Commercial

    1,140

    1,318

    1,336

    3,794

    Purchase

    17,796

    16,403

    15,259

    49,458



    Purchase

    12,382

    12,217

    10,991

    35,590

    Refinancing

    6,017

    7,077

    7,826

    20,920



    Refinancing

    3,617

    4,016

    4,133

    11,766

    Other

    3,621

    3,129

    6,671

    13,421



    Other

    4,304

    2,142

    1,779

    8,225

    Total

    28,545

    27,882

    31,037

    87,464



    Total

    21,443

    19,693

    18,239

    59,375























    Opened Orders 2023:

    July

    August

    Sept

    Total



    Closed Orders 2023:

    July

    August

    Sept

    Total

    Commercial

    913

    1,208

    1,199

    3,320



    Commercial

    1,036

    1,320

    1,305

    3,661

    Purchase

    17,446

    19,674

    16,386

    53,506



    Purchase

    13,006

    14,200

    12,697

    39,903

    Refinancing

    5,077

    5,807

    5,148

    16,032



    Refinancing

    3,367

    3,778

    3,252

    10,397

    Other

    2,976

    3,161

    2,493

    8,630



    Other

    2,891

    1,187

    2,269

    6,347

    Total

    26,191

    29,850

    25,226

    81,267



    Total

    20,300

    20,485

    19,523

    60,308



























     

    STEWART INFORMATION SERVICES CORPORATION

    CONDENSED BALANCE SHEETS

    (In thousands of dollars)





     

     

    September 30,

    2024

    (Unaudited)

     

    December 31,

    2023

    Assets:





    Cash and cash equivalents

    183,772

    233,365

    Short-term investments

    44,911

    39,023

    Investments in debt and equity securities, at fair value

    688,661

    679,936

    Receivables – premiums from agencies

    40,730

    38,676

    Receivables – other

    120,457

    93,811

    Allowance for uncollectible amounts

    (8,851)

    (7,583)

    Property and equipment, net

    90,036

    82,335

    Operating lease assets, net

    105,510

    115,879

    Title plants

    76,028

    73,359

    Goodwill

    1,080,681

    1,072,129

    Intangible assets, net of amortization

    175,166

    193,196

    Deferred tax assets

    3,749

    3,776

    Other assets

    128,720

    84,959



    2,729,570

    2,702,861

    Liabilities:





    Notes payable

    445,704

    445,290

    Accounts payable and accrued liabilities

    196,670

    190,054

    Operating lease liabilities

    122,788

    135,654

    Estimated title losses

    517,592

    528,269

    Deferred tax liabilities

    32,481

    25,045



    1,315,235

    1,324,312

    Stockholders' equity:





    Common Stock and additional paid-in capital

    353,172

    338,451

    Retained earnings

    1,080,879

    1,070,841

    Accumulated other comprehensive loss

    (24,304)

    (35,215)

    Treasury stock

    (2,666)

    (2,666)

    Stockholders' equity attributable to Stewart

    1,407,081

    1,371,411

    Noncontrolling interests

    7,254

    7,138

    Total stockholders' equity

    1,414,335

    1,378,549



    2,729,570

    2,702,861







    Number of shares outstanding (000)

    27,714

    27,370

    Book value per share

    50.77

    50.11

     

    STEWART INFORMATION SERVICES CORPORATION

    SEGMENT INFORMATION

    (In thousands of dollars)

     



    Quarter Ended:

    September 30, 2024



    September 30, 2023



    Title

    Real

    Estate

    Solutions

    Corporate

    and Other

    Total



    Title

    Real

    Estate

    Solutions

    Corporate

    and Other

    Total

    Revenues:



















    Operating revenues

    553,255

    96,346

    -

    649,601



    522,077

    68,190

    -

    590,267

    Investment income

    13,588

    38

    -

    13,626



    13,368

    25

    -

    13,393

    Net realized and unrealized gains (losses)

    4,757

    -

    (43)

    4,714



    (1,821)

    -

    (125)

    (1,946)



    571,600

    96,384

    (43)

    667,941



    533,624

    68,215

    (125)

    601,714

    Expenses:



















    Amounts retained by agencies

    233,980

    -

    -

    233,980



    218,983

    -

    -

    218,983

    Employee costs

    176,225

    14,104

    3,533

    193,862



    165,829

    12,361

    3,303

    181,493

    Other operating expenses

    85,853

    68,634

    1,159

    155,646



    81,625

    46,217

    2,613

    130,455

    Title losses and related claims

    21,282

    -

    -

    21,282



    22,251

    -

    -

    22,251

    Depreciation and amortization

    8,860

    6,264

    356

    15,480



    9,196

    6,820

    398

    16,414

    Interest

    406

    -

    4,493

    4,899



    355

    191

    4,508

    5,054



    526,606

    89,002

    9,541

    625,149



    498,239

    65,589

    10,822

    574,650

    Income (loss) before taxes

    44,994

    7,382

    (9,584)

    42,792



    35,385

    2,626

    (10,947)

    27,064



    Nine Months Ended:

    September 30, 2024



    September 30, 2023



    Title

    Real

    Estate

    Solutions

    Corporate

    and Other

    Total



    Title

    Real

    Estate

    Solutions

    Corporate

    and Other

    Total

    Revenues:



















    Operating revenues

    1,500,855

    271,561

    -

    1,772,416



    1,445,718

    202,169

    -

    1,647,887

    Investment income

    40,746

    87

    -

    40,833



    32,033

    81

    -

    32,114

    Net realized and unrealized gains (losses)

    11,387

    -

    (149)

    11,238



    (1,658)

    -

    (3,171)

    (4,829)



    1,552,988

    271,648

    (149)

    1,824,487



    1,476,093

    202,250

    (3,171)

    1,675,172

    Expenses:



















    Amounts retained by agencies

    634,083

    -

    -

    634,083



    596,498

    -

    -

    596,498

    Employee costs

    495,943

    39,904

    10,140

    545,987



    485,690

    37,333

    11,687

    534,710

    Other operating expenses

    247,371

    193,703

    3,816

    444,890



    236,752

    138,052

    5,726

    380,530

    Title losses and related claims

    59,754

    -

    -

    59,754



    59,727

    -

    -

    59,727

    Depreciation and amortization

    26,126

    18,803

    1,133

    46,062



    26,182

    19,401

    1,265

    46,848

    Interest

    1,165

    7

    13,596

    14,768



    1,063

    191

    13,523

    14,777



    1,464,442

    252,417

    28,685

    1,745,544



    1,405,912

    194,977

    32,201

    1,633,090

    Income (loss) before taxes

    88,546

    19,231

    (28,834)

    78,943



    70,181

    7,273

    (35,372)

    42,082

     

    Appendix A

    Non-GAAP Adjustments

    Management uses a variety of financial and operational measurements other than its financial statements prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) to analyze its performance. These include: (1) adjusted revenues, which are reported revenues adjusted for net realized and unrealized gains and losses and (2) adjusted pretax income and adjusted net income, which are reported pretax income and reported net income after earnings from noncontrolling interests, respectively, adjusted for net realized and unrealized gains and losses, acquired intangible asset amortization, office closure costs, executive severance expenses, and nonrecurring expenses. Adjusted diluted earnings per share (adjusted diluted EPS) is calculated using adjusted net income divided by the diluted average weighted outstanding shares. Adjusted pretax margin is calculated using adjusted pretax income divided by adjusted total revenues. Management views these measures as important performance measures of core profitability for its operations and as key components of its internal financial reporting. Management believes investors benefit from having access to the same financial measures that management uses.

    Below are reconciliations of the non-GAAP financial measures used by management to the most directly comparable GAAP measures for the quarter and nine months ended September 30, 2024 and 2023 (dollars in millions, except shares, per share amounts and pretax margins, and amounts may not add as presented due to rounding).



    Quarter Ended September 30,



    Nine Months Ended September 30,



    2024

    2023

    % Chg



    2024

    2023

    % Chg

















    Total revenues

    667.9

    601.7

    11 %



    1,824.5

    1,675.2

    9 %

    Non-GAAP revenue adjustments:















    Net realized and unrealized (gains) losses

    (4.7)

    1.9





    (11.2)

    4.8



    Adjusted total revenues

    663.2

    603.7

    10 %



    1,813.2

    1,680.0

    8 %

















    Pretax income

    42.8

    27.1

    58 %



    78.9

    42.1

    88 %

    Non-GAAP pretax adjustments:















    Net realized and unrealized (gains) losses

    (4.7)

    1.9





    (11.2)

    4.8



    Acquired intangible asset amortization

    8.3

    9.6





    25.1

    27.3



    Office closure costs

    0.3

    1.4





    2.0

    1.4



    Executive severance expenses

    0.1

    -





    0.7

    1.7



    State sales tax assessment expense

    -

    -





    -

    1.2



    Adjusted pretax income

    46.8

    40.0

    17 %



    95.5

    78.6

    22 %

    GAAP pretax margin

    6.4 %

    4.5 %





    4.3 %

    2.5 %



    Adjusted pretax margin

    7.1 %

    6.6 %





    5.3 %

    4.7 %



















    Net income attributable to Stewart

    30.1

    14.0

    115 %



    50.6

    21.6

    134 %

    Non-GAAP pretax adjustments:















    Net realized and unrealized losses (gains)

    (4.7)

    1.9





    (11.2)

    4.8



    Acquired intangible asset amortization

    8.3

    9.6





    25.1

    27.6



    Office closure costs

    0.3

    1.4





    2.0

    1.4



    Executive severance expenses

    0.1

    -





    0.7

    1.7



    State sales tax assessment expense

    -

    -





    -

    1.2



    Net tax effects of non-GAAP adjustments

    (1.0)

    (3.1)





    (4.3)

    (8.8)



    Non-GAAP adjustments, after taxes

    3.0

    9.9





    12.3

    27.7



    Adjusted net income attributable to Stewart

    33.1

    23.9

    39 %



    62.8

    49.4

    27 %

















    Diluted average shares outstanding (000)

    28,200

    27,650





    28,069

    27,445



    GAAP net income per share

    1.07

    0.51





    1.80

    0.79



    Adjusted net income per share

    1.17

    0.86





    2.24

    1.80





















    Quarter Ended September 30,



    Nine Months Ended September 30,



    2024

    2023

    % Chg



    2024

    2023

    % Chg

    Title Segment:

     















    Total revenues

    571.6

    533.6

    7 %



    1,553.0

    1,476.1

    5 %

    Net realized and unrealized (gains) losses

    (4.8)

    1.8





    (11.4)

    1.7



    Adjusted total revenues

    566.8

    535.4

    6 %



    1,541.6

    1,477.8

    4 %

    Pretax income

    45.0

    35.4

    27 %



    88.5

    70.2

    26 %

    Non-GAAP revenue adjustments:















    Net realized and unrealized (gains) losses

    (4.8)

    1.8





    (11.4)

    1.7



    Acquired intangible asset amortization

    2.8

    3.4





    8.5

    9.4



    Office closure costs

    0.3

    1.4





    2.0

    1.4



    Severance expenses

    0.1

    -





    0.7

    0.4



    Adjusted pretax income

    43.4

    42.0

    3 %



    88.3

    83.1

    6 %

    GAAP pretax margin

    7.9 %

    6.6 %





    5.7 %

    4.8 %



    Adjusted pretax margin

    7.7 %

    7.8 %





    5.7 %

    5.6 %



















    Real Estate Solutions Segment:

     















    Total revenues

    96.4

    68.2

    41 %



    271.6

    202.3

    34 %

















    Pretax income

    7.4

    2.6

    181 %



    19.2

    7.3

    164 %

    Non-GAAP revenue adjustments:















    Acquired intangible asset amortization

    5.5

    6.3





    16.6

    17.9



    State sales tax assessment expense

    -

    -





    -

    1.2



    Adjusted pretax income

    12.9

    8.9

    45 %



    35.9

    26.4

    36 %

    GAAP pretax margin

    7.7 %

    3.8 %





    7.1 %

    3.6 %



    Adjusted pretax margin

    13.4 %

    13.0 %





    13.2 %

    13.0 %



     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/stewart-reports-third-quarter-2024-results-302284965.html

    SOURCE Stewart Information Services Corporation

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