Stewart Information Services Corp reported significant growth in its financial performance for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For the three months ended September 30, 2024, total revenues reached $649.6 million, a 10% increase from $590.3 million in Q3 2023. Direct operations revenue rose to $270.7 million, up from $256.4 million, while agency operations revenue increased to $282.5 million from $265.7 million. Notably, revenue from real estate solutions surged to $96.3 million, a 41% increase from $68.2 million in the prior year.
Net income for Q3 2024 was $33.7 million, compared to $17.9 million in Q3 2023, with net income attributable to Stewart increasing to $30.1 million from $14.0 million. Basic earnings per share rose to $1.09, up from $0.51 in the same quarter last year. For the nine months ended September 30, 2024, operating revenues totaled $1.77 billion, a 7.6% increase from $1.65 billion in 2023, with net income reaching $60.9 million, compared to $32.5 million in the previous year.
The company’s cash and cash equivalents decreased to $183.8 million as of September 30, 2024, from $233.4 million at the end of 2023. However, total stockholders’ equity increased to $1.41 billion from $1.38 billion. The company reported a significant rise in investment income, which increased by 27% for the nine months ended September 30, 2024, compared to the same period in 2023.
Stewart's title segment revenues for Q3 2024 were $571.6 million, a 7% increase from $533.6 million in Q3 2023. The real estate solutions segment also showed strong performance, with revenues increasing by 41%. The company experienced a decrease in total known claims provision, which fell by 36% in Q3 2024 compared to the same period in 2023.
In terms of strategic developments, the company made an acquisition in the title segment, contributing to an increase in goodwill from $1.07 billion at the end of 2023 to $1.08 billion by September 30, 2024. Employee costs rose, reflecting the company's growth, with total employee costs as a percentage of total operating revenues decreasing slightly.
Overall, Stewart Information Services Corp demonstrated robust revenue growth and improved profitability in Q3 2024, driven by strong performance across its title and real estate solutions segments, despite challenges in the broader housing market.
About STEWART INFORMATION SERVICES CORP
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