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Fitch Upgrades First American Corp.’s Insurer Strenfth to 'A' ...
Fitch has also assigned an 'A' Insurer Financial Strength (IFS) rating with a Stable Outlook to property casualty subsidiary First American Home Buyers Pro Corp.
Today's upgrades reflect the company's strong positions in title insurance and real estate ancillary services, solid operating performance during the recent real estate boom resulting in substantial growth in policyholders' surplus, strong capitalization, and below-average operating leverage. Balanced against these strengths are the company's higher than average intangible equity and above-average affiliated investments that reduce liquidity.
According to the American Land Title Association (ALTA), First American Group is the largest provider of title insurance based on premiums, with 29.3% market share in the U.S.
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Oregon Steel 2Q Profit Surges
Oregon Steel Mills Inc. said Friday its second-quarter profit surged 55 percent on product price increases and a lower tax rate, beating Wall Street expectations by a wide margin.
Quarterly net income grew to $43.9 million, or $1.22 per share, from $28.4 million, or 80 cents per share, in the year-ago period. Sales grew to $349.6 million from $335 million last year.
The results easily Wall Street's forecast for profit of 98 cents per share, though sales came in shy of analysts' $359.7 million consensus estimate, according to a poll by Thomson Financial.
During the quarter, Oregon Steel boosted its average sales price per ton to $889 from $882 last year. The company also benefitted from a tax rate of 32 percent, down from 39 percent in the 2005 period.
Total shipments grew to 393,200 tons from 379,600 tons, due to increased shipments of plate and coil, structural tubing, rail and seamless pipe products, partially offset by lower shipments of welded pipe and rod and bar products.