EARNINGS ROUNDUP / FIRST AMERICAN
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Title insurer First American Corp. said first-quarter profit rose after it cut staff and lowered other costs.
Net income climbed 23% to $36 million, or 38 cents a share, compared with $29.3 million, or 32 cents, a year earlier, the Santa Ana firm said. Revenue declined 17% to $1.38 billion.
First American cut 365 jobs in the quarter and reduced other costs to cope with less revenue from declining home sales. Title insurers protect buyers from liens and ownership disputes tied to properties changing hands.
First American was expected to post profit of 28 cents a share excluding some items, according to a Bloomberg survey of analyst estimates.
Shares rose $1.73, or 6.6%, to $28.08.
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