Stewart Information Services (STC) Q4 2024 earnings summary

Executive summary

• Achieved 10% revenue growth and 42% increase in adjusted net earnings in 2024 despite a multi-decade low housing market.

• Fourth quarter 2024 revenues rose 14% year-over-year to $665.9M; adjusted revenues were $664.2M.

• Full year 2024 net income reached $73.3M (up 141% YoY); adjusted net income was $94.4M.

• Recognized as a top employer and strengthened leadership through strategic hiring and succession planning.

• Expanded community support, donating over $1 million in 2024 and $2.9 million since 2021.

Financial highlights

• Fourth quarter net income was $23 million ($0.80 per diluted share) on $666 million in revenue.

• Adjusted Q4 net income was $32 million ($1.12 per diluted share), up from $17 million ($0.60) in Q4 2023.

• Q4 2024 pretax income before noncontrolling interests was $35.4M (up 88% YoY); adjusted pretax income was $47.3M.

• Net cash from operations was $68 million, $29 million higher year-over-year.

• Book value per share at year-end was $51; total stockholders' equity $1.4 billion.

Outlook and guidance

• Expect housing market to remain challenging in H1 2025, with improvement anticipated in H2.

• Commercial market growth projected to be low single-digit year-over-year, with sector-specific strength in data centers and energy.

• Real Estate Solutions margins expected to improve by about 1 point in 2025, with further gains as market normalizes.

• Title loss ratio guidance remains in the low 4% range for 2025.