Fidelity National Financial Inc. has reported total revenue of around $2.1 billion in the third quarter compared with $2.0 billion in the third quarter of 2017. And, over all, the third quarter average title fee per file was $2,623, an 11% increase compared to the third quarter of 2017. Fidelity National provides title insurance and transaction services to the real estate and mortgage industries.

In addition, the company announced the following financial performance results:

• Third quarter net earnings of $236 million and adjusted net earnings of $218 million versus net earnings from continuing operations of $156 million and adjusted net earnings from continuing operations of $174 million for the third quarter of 2017.
• Third quarter diluted EPS of $0.85 and adjusted diluted EPS of $0.78 versus diluted EPS from continuing operations of $0.57 and adjusted diluted EPS from continuing operations of $0.63 in the third quarter of 2017.

Title Insurance 

• Total revenue of around $1.9 billion versus approximately $1.9 billion in total revenue in the third quarter of 2017.
• Pre-tax earnings of $309 million and adjusted pre-tax earnings of $297 million compared to pre-tax earnings of $262 million and adjusted pre-tax earnings of $287 million in the third quarter of 2017.
• Pre-tax title margin of 16.2% and adjusted pre-tax title margin of 15.6% versus pre-tax title margin of 14.0% and adjusted pre-tax title margin of 15.3% in the third quarter of 2017.
• Third quarter purchase orders opened increased 0.3% and purchase orders closed decreased 1%, compared to the third quarter of 2017.
• Total commercial revenue of $271 million, an 8% increase over total commercial revenue in the third quarter of 2017. It was driven by a 16% increase in total commercial fee per file and a 7% decrease in closed orders; third quarter total commercial open orders increased 1% compared to the prior year.
• Overall third quarter average fee per file of $2,623, an 11% increase versus the third quarter of 2017.

"The third quarter was a solid performance for our title business, as we generated adjusted pre-tax title earnings of $297 million and a 15.6% adjusted pre-tax title margin, increases of $10 million and 30 basis points, respectively, over the third quarter of 2017," said William P. Foley, chairman of Fidelity National. "The commercial and residential purchase markets continued to be the main drivers of our performance in the third quarter, as total commercial revenue grew by 8% versus the third quarter of 2017, continuing a very strong year for our commercial business. While residential purchase open orders per day increased by 0.3% and residential purchase closed orders per day declined by 1%, this was offset by an 11% increase in the fee per file that provided 3% growth in direct title premiums over the prior year.  As we enter the seasonally slower fourth quarter, we will remain focused on our operating metrics and staffing levels in order to maximize our profitability.”

Stewart Information Acquisition

"We continue to work through the regulatory process for the Stewart Information Services acquisition that we announced on March 19," said Foley.  "We are currently engaged in the Second Request related to the FTC's HSR regulatory review of the transaction. Responses to nearly all the FTC's requests for information and documentation have been submitted. The Form A filings with the states of Texas and New York are being reviewed by those states. We still anticipate a first or second quarter of 2019 closing for the transaction and continue to believe the Stewart acquisition will create meaningful long-term value for our shareholders."