First American Financial Net Increases for Year, 4th Quarter
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SANTA ANA — First American Financial Corp. said the improved real estate market nationwide bolstered earnings and revenue for the fourth quarter and full year last year.
The company, which provides real estate-related financial and informational services as well as title insurance, posted net income of $53.6 million, or $4.68 a share, for 1996, compared with $7.6 million, or 67 cents a share, for the previous year.
Revenue rose 23% to $1.6 billion from $1.3 billion. Net income for the fourth quarter increased 20% to $11.8 million, or $1.03 a share, from $9.8 million, or 87 cents a share, for the same period in 1995. Revenue advanced 17% to a record $425.5 million from $364.5 million.
The company said sales of existing homes and year-end commercial activity were particularly strong.
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