First-Quarter Profit for First American Financial Declines 67%
SANTA ANA — First American Financial Corp. posted a 67% drop in first-quarter net income, which the provider of real estate-related financial and informational services attributed to high staffing levels and overhead costs from recent acquisitions.
Net income dropped to $2.9 million, or 25 cents a share, from $8.6 million, or 75 cents a share. Revenue rose 10% to $382.9 million from $347.4 million.
The company said it had increased staff levels for its title operations late last year to serve a strong number of orders scheduled to close in the second quarter this year.
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