Core Viewpoint - Stewart Information Services Corporation reported significant growth in net income and revenues for the fourth quarter of 2024, demonstrating resilience in challenging macro-housing conditions [3][4][27]. Financial Performance - Net income attributable to Stewart for Q4 2024 was 22.7million(0.80 per diluted share), a substantial increase from 8.8million(0.32 per diluted share) in Q4 2023 [1][20]. - Adjusted net income for Q4 2024 was 31.5million(1.12 per diluted share), compared to 16.6million(0.60 per diluted share) in Q4 2023, reflecting a 90% increase [4][28]. - Total revenues for Q4 2024 reached 665.9million,up14582.2 million in Q4 2023 [27]. Segment Performance - The title segment generated total revenues of 665.9millioninQ42024,comparedto582.2 million in the prior year quarter, marking a 14% increase [4][27]. - The real estate solutions segment saw operating revenues increase by 42% to 87.0millioninQ42024,drivenbyhigherrevenuesfromcreditinformationandvaluationservices[11][12].ExpenseManagement−Consolidatedemployeecostsincreasedby12199.4 million in Q4 2024, primarily due to higher incentive compensation and increased salaries [14]. - Other operating expenses rose by 25% to 159.1million,drivenbyhigherserviceexpensesandoutsidesearchfees[15].InvestmentGains−Q42024included1.7 million in pretax net realized and unrealized gains, primarily from fair value changes of equity securities investments [2][27]. - In contrast, Q4 2023 had 4.8millioninpretaxnetrealizedandunrealizedgains,indicatingadecreaseininvestmentperformanceyear−over−year[2].CashFlow−NetcashprovidedbyoperationsinQ42024was68.0 million, significantly higher than $39.5 million in Q4 2023, reflecting improved profitability [16][21].
Stewart(STC) Prnewswire·2025-02-05 21:15