The First American Corp. (NYSE: FAF) reported Thursday that the company earned a fourth-quarter profit, according to Associated Press.
The company posted net income of $38 million, or 38 cents per share, compared to a loss of $66.9 million, or 72 cents per share, in the same period a year ago. The result matched the average expectation of analysts polled by Thomson Reuters.
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Revenue rose 11 percent to $1.49 billion, compared to $1.35 billion. Expenses fell slightly to $1.42 billion from $1.44 billion.
The results included a company's claims provision to $92.3 million, which is a drop from $189.4 million. They also included a net realized investment gain of $1.7 million, compared with the year ago investment loss of $1.4 million.
For the year, the company reported net income of $199.7 million, or $2.09 per share, compared with a loss of $26.3 million, or 28 cents per share, in 2008. Analysts expected profit of $2.05 per share.
Revenue dropped to $5.97 billion, compared to $6.21 billion last year.
Shares dropped 51 cents to $32.80 in afternoon trading.
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