Stewart Information Services Q2 2024 10-Q Filed
Ticker: STC · Form: 10-Q · Filed: Aug 6, 2024 · CIK: 94344
| Field | Detail |
|---|---|
| Company | Stewart Information Services CORP (STC) |
| Form Type | 10-Q |
| Filed Date | Aug 6, 2024 |
| Risk Level | low |
| Pages | 16 |
| Reading Time | 19 min |
| Key Dollar Amounts | $1, $000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, real-estate-services
TL;DR
Stewart Info's Q2 10-Q is in. Check the numbers for Title Direct, Agency, and Real Estate Solutions.
AI Summary
Stewart Information Services Corp. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance across its Title Direct Operations, Title Agency Operations, and Real Estate Solutions and Other segments. Specific financial figures and operational details for Q2 2024 and the year-to-date period are provided.
Why It Matters
This filing provides investors and analysts with the latest financial performance data for Stewart Information Services Corp., crucial for understanding the company's health and future prospects in the real estate services sector.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently present new risks beyond those typically associated with public companies in the real estate services industry.
Key Players & Entities
- STEWART INFORMATION SERVICES CORP (company) — Filer
- 20240630 (date) — Period of Report
- 20240806 (date) — Filed as of Date
- 7136258100 (dollar_amount) — Business Phone
FAQ
What were the reporting periods covered by this 10-Q filing?
This 10-Q filing covers the period ending June 30, 2024, with specific segment data provided for Q2 2024 (April 1, 2024 - June 30, 2024) and year-to-date 2024 (January 1, 2024 - June 30, 2024), as well as comparative periods in 2023.
What are the main business segments of Stewart Information Services Corp. as detailed in the filing?
The filing details financial performance across three main segments: Title Direct Operations, Title Agency Operations, and Real Estate Solutions and Other.
When was this 10-Q form filed with the SEC?
This 10-Q form was filed on August 6, 2024.
What is the Standard Industrial Classification (SIC) code for Stewart Information Services Corp.?
The SIC code for Stewart Information Services Corp. is 6361, which corresponds to Title Insurance.
What is the fiscal year end for Stewart Information Services Corp.?
The fiscal year end for Stewart Information Services Corp. is December 31.
Filing Stats: 4,731 words · 19 min read · ~16 pages · Grade level 16.7 · Accepted 2024-08-06 16:07:08
Key Financial Figures
- $1 — ange on which registered Common Stock, $1 par value per share STC New York Stoc
- $000 — Ended June 30, 2024 2023 2024 2023 ($000 omitted, except per share) Revenues T
Filing Documents
- stc-20240630.htm (10-Q) — 1164KB
- ex102empagreement_egiddens.htm (EX-10.2) — 166KB
- q2-2024ex311.htm (EX-31.1) — 11KB
- q2-2024ex312.htm (EX-31.2) — 11KB
- q2-2024ex321.htm (EX-32.1) — 5KB
- q2-2024ex322.htm (EX-32.2) — 5KB
- 0000094344-24-000015.txt ( ) — 5990KB
- stc-20240630.xsd (EX-101.SCH) — 34KB
- stc-20240630_cal.xml (EX-101.CAL) — 95KB
- stc-20240630_def.xml (EX-101.DEF) — 121KB
- stc-20240630_lab.xml (EX-101.LAB) — 397KB
- stc-20240630_pre.xml (EX-101.PRE) — 278KB
- stc-20240630_htm.xml (XML) — 870KB
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION 1. Financial Statements 3 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17 3. Quantitative and Qualitative Disclosures About Market Risk 27 4. Controls and Procedures 28
– OTHER INFORMATION
PART II – OTHER INFORMATION 1. Legal Proceedings 28 1A. Risk Factors 28 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 5. Other Information 28 6. Exhibits 29 Signature 29 As used in this report, "we," "us," "our," "Registrant," the "Company" and "Stewart" mean Stewart Information Services Corporation and our subsidiaries, unless the context indicates otherwise. 2
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 ($000 omitted, except per share) Revenues Title revenues: Direct operations 255,480 257,994 466,068 465,864 Agency operations 240,760 208,755 481,532 457,775 Real estate solutions 92,198 71,387 175,214 133,978 Operating revenues 588,438 538,136 1,122,814 1,057,617 Investment income 14,306 12,123 27,207 18,722 Net realized and unrealized (losses) gains ( 514 ) ( 1,105 ) 6,524 ( 2,883 ) 602,230 549,154 1,156,545 1,073,456 Expenses Amounts retained by agencies 200,126 171,776 400,102 377,514 Employee costs 179,708 182,666 352,125 353,217 Other operating expenses 152,291 129,333 289,244 250,073 Title losses and related claims 21,090 19,802 38,472 37,476 Depreciation and amortization 15,198 15,528 30,582 30,434 Interest 4,812 4,875 9,869 9,724 573,225 523,980 1,120,394 1,058,438 Income before taxes and noncontrolling interests 29,005 25,174 36,151 15,018 Income tax expense ( 7,940 ) ( 5,392 ) ( 8,876 ) ( 454 ) Net income 21,065 19,782 27,275 14,564 Less net income attributable to noncontrolling interests 3,722 3,967 6,802 6,939 Net income attributable to Stewart 17,343 15,815 20,473 7,625 Net income 21,065 19,782 27,275 14,564 Other comprehensive (loss) income, net of taxes: Foreign currency translation adjustments ( 1,256 ) 4,254 ( 5,726 ) 4,852 Change in net unrealized gains and losses on investments 114 ( 5,765 ) ( 2,162 ) 852 Reclassification adjustments for realized gains and losses on investments 390 221 540 313 Other comprehensive (loss) income, net of taxes: ( 752 ) ( 1,290 ) ( 7,348 ) 6,017 Comprehensive income 20,313 18,492 19,927 20,581 Less net income attributable to noncontrolling interests 3,722 3,967 6,802 6,939 Comprehensive income attributable to Stewart 16,591 14,525 13,125 13,642 Basic average shares outstanding (000) 27