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Stewart Information Services Corporation (STC+2.37%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $667,941,000 from $601,714,000 in the same quarter the previous year. The increase is attributed to higher revenues from domestic commercial and agency title operations.
Operating revenues for the title segment improved by 6% to $553.3 million, primarily driven by increased domestic commercial and agency title operations. Total segment operating expenses increased by 6% compared to the previous year.
Net income attributable to Stewart was $30,096,000 for the quarter, compared to $13,999,000 in the previous year. The increase in net income is due to improved operating revenues and reduced title loss expenses.
Cash provided by operating activities was $67,656,000, while cash used in investing and financing activities was $71,587,000 and $45,653,000, respectively.
Stewart had a working capital of $917,300,000 as of September 30, 2024. The company continues to focus on cost management and operational efficiencies.
The filing also details the company's segment information, with the title segment contributing the majority of revenues and the real estate solutions segment showing significant growth.
Stewart does not anticipate any material changes to its risk factors as previously disclosed in its 2023 Form 10-K.
The company reported total stockholders' equity of $1,414,335,000 as of September 30, 2024, with a book value per share of $50.77.
The filing includes certifications by the Chief Executive Officer and Chief Financial Officer pursuant to the Sarbanes-Oxley Act of 2002.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Stewart Information Services Corporation quarterly 10-Q report dated November 6, 2024. To report an error, please email earnings@qz.com.