Earnings Report: Fidelity National Financial (NYSE: FNF)

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Fidelity National Financial (NYSE: FNF) reported Q2 EPS of $0.61, topping consensus estimates of $0.35. Revenue fell 3.8% year-over-year to $1.50 billion, surpassing consensus estimates of $1.39 billion. Chairman William Foley said, "We experienced success in a number of areas during the second quarter...In our title business, we generated a robust pre-tax margin of 9.6%, despite a 31% decline in closed orders versus the second quarter of 2009. Resale transactions were 54% of closed orders during the second quarter versus 34% in last year's second quarter, with this mix shift primarily causing a 28% increase in fee per file over the second quarter of 2009. As the quarter progressed, the open order mix shifted back to more refinance driven transactions. During June, we began to see the effect of lower mortgage rates, as open orders per day increased 6% sequentially over May and refinance orders represented 58% of open order activity during that final month of the quarter. Open orders continued to show strength in the first half of July, with open orders per day increasing more than 18% sequentially from June, again driven by higher refinance volumes. Lower mortgage rates and increased order activity will provide momentum as we move into the third quarter." SmarTrend alerted subscribers to take profits in Fidelity National Financial on May 21, 2010 at $14.02, since then the stock fell 3.4%. We are now watching for any positive developments that could result in a new uptrend signal.