The following is a summary of the Stewart Information Services Corporation (STC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Stewart reported a Q1 2024 net income of $3 million or $0.11 per diluted share on total revenues of $554 million.

• The title segment's pre-tax income was $2 million or 41% higher compared to the prior year quarter and the pre-tax margin was in the low 1% range.

• The first quarter adjusted net income was $5 million or $0.17 per diluted share compared to breakeven results for the first quarter 2023.

Business Progress:

• Despite a weak housing market with mortgage rates at almost 7%, Stewart is focusing on gaining market share by building an efficient operating model.

• Stewart is using technology to enhance title production processes and provide improved solutions for agents.

• The company is also working to strengthen its market presence through targeted acquisitions.

• Despite challenging market conditions, the company aims to drive share gains in existing attractive agency markets.

• Stewart is aiming to grow in states where it currently has subpar representation, particularly in southeastern and midwestern states such as Texas, Florida, and Pennsylvania.

• The company has identified 30 to 40 core markets for focused growth, including cities like Nashville.

• In cities where Stewart already has a sustainable position, the company will seek opportunities for minor expansion, for instance in San Antonio and Dallas.

• While no significant growth in California is planned, the company will continue to support existing businesses in the state.

More details: Stewart Information Services IR

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