Black Knight boosts Fidelity 2Q14 earnings
Total revenue hits $1.7 billion
Fidelity National Financial (FNF) reported total revenue of $1.7 billion in the second quarter, up from $1.6 billion in the second quarter of 2013.
Earnings per share dipped to $0.47, compared to $0.67 for the same period a year ago, falling in line with the Capital IQ consensus estimate.
Total revenue increased from $650 million in the second quarter of 2013 to $686 million in the second quarter of 2014.
Meanwhile, Black Knight recorded total revenue of $201 million, a sequential improvement of 7% versus the first quarter of 2014, led by mortgage servicing technology revenue of approximately $122 million.
"This quarter highlighted the potential of our title business when we experience stable order volumes, as we generated a 14.6% pre-tax title margin while operating in a slow recovering purchase environment and a very soft refinance market," said Chairman William Foley.
"Black Knight had another strong quarter, with revenue of $201 million, a 7% sequential improvement from the first quarter of 2014. We remain excited about the recurring nature of the revenue, the market positioning of our product offerings, the significant organic revenue growth opportunities and the strong EBITDA margins that Black Knight brings to FNF,” he added.