Stewart Information Services Corp (NYSE:STC)
$ 70.95 3.58 (5.31%) Market Cap: 1.96 Bil Enterprise Value: 2.31 Bil PE Ratio: 45.48 PB Ratio: 1.44 GF Score: 75/100
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Q2 2024 Stewart Information Services Corp Earnings Call Transcript

Jul 25, 2024 / 12:30 PM GMT
Release Date Price: $72.33 (-1.13%)

Key Points

Positve
  • Stewart Information Services Corp (STC) reported a net income of $17 million for Q2 2024, with adjusted net income of $25 million.
  • Total operating revenues in the title segment improved by $29 million, driven by higher revenues from agency operations.
  • Domestic commercial operations saw a 23% increase in revenues, primarily due to improved transaction size and volume in energy, industrial, and multifamily asset classes.
  • The company has made significant investments in technology to enhance title production processes and improve data management and access.
  • STC has successfully onboarded a significant number of new clients in its Real Estate Solutions segment, leading to solid financial results and growth.
Negative
  • The housing market remains depressed, with existing home sales down 5% from the prior year.
  • The title segment's pretax income decreased by 6%, primarily due to a lower agency remittance rate caused by geographic mix.
  • Total title loss expense increased by 7%, consistent with the increase in title revenues.
  • The company's effective tax rate for Q2 2024 was approximately 31%, higher than the historical tax rate due to income sourced from international operations.
  • STC has limited its acquisition-related investments in the current environment, citing challenges in reaching value expectations with earn-outs.


Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

STC.N - Stewart Information Services Corp
Q2 2024 Stewart Information Services Corp Earnings Call
Jul 25, 2024 / 12:30PM GMT

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Presentation
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Operator [1]
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Hello, and thank you all for joining the Stewart Information Services second quarter 2014 earnings call. And at this time, all participants are in a listen-only mode and later you will have the opportunity to ask questions during the question and answer session. Instructions will be given at that time. Please note, today's call is being recorded. Lastly, if you should require operator assistance, please press star zero. It is now my pleasure to turn today's conference over to Kay Bass, Director of Investor Relations. Please go ahead.

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Unidentified_2 [2]
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