First American Financial Corp.
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The Santa Ana provider of business information and related products and services said earnings for the third quarter fell 62% to $21.9 million, or 33 cents a share, from a record $56.2 million, or 87 cents a share, a year ago. Net income for the recent quarter included a $7.1-million decrease from an accounting change. Revenue declined 2% to $762.6 million.
The company said higher interest rates and a reduction in mortgage refinancing contributed to significant lower revenue in its direct title and information services businesses.
The slump in new orders during the later part of the quarter as a result of higher interest rates and a decrease in consumer confidence will have an adverse effect on fourth-quarter results, the company warned.
First American said it will reduce staffing levels and expenses as the volume of new orders shrinks.
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