Stewart Information Services Corporation (NYSE:STC) Q3 2024 Earnings Conference Call October 24, 2024 8:30 AM ET

Company Participants

Kathryn Bass - Director of Investor Relations
Frederick Eppinger - Chief Executive Officer
David Hisey - Chief Financial Officer

Conference Call Participants

Bose George - KBW
John Campbell - Stephens Inc.

Operator

Hello and thank you for joining the Stewart Information Services Third Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. Later you will have an opportunity to ask a question during the question-and-answer session. Instructions will be given at that time. Please note, that today's call is being recorded. [Operator Instructions]

It is now my pleasure to turn today's conference over to Kath Bass, Director of Investor Relations. Please go ahead.

Kathryn Bass

Thank you for joining us today for Stewart's third quarter 2024 earnings conference call. We will be discussing results that were released yesterday after the close. Joining me today are CEO, Fred Eppinger; and CFO, David Hisey. To listen online, please go to the stewart.com website to access the link for this conference call.

This conference call may contain forward-looking statements that involve a number of risks and uncertainties. Please refer to the company's press release and other filings with the SEC for a discussion of the risks and uncertainties that could cause our actual results to differ materially. During our call, we will discuss some non-GAAP measures. For reconciliation of these non-GAAP measures, please refer to the appendix in today's earnings release which is available on our website at stewart.com.

Let me now turn the call over to Fred.

Frederick Eppinger

Thank you for joining us today for Stewart's third quarter 2024 earnings conference call. Yesterday, we released financial results for the quarter which David will review with you shortly. I'd like to start the call by sharing our outlook on the overall housing market, followed by an update on the continued progress we've made in each of our core business lines.

Before jumping into these discussions, I wanted to take a moment to express our sympathies for the many people affected by Hurricane Helene and Hurricane Milton. Our thoughts are with the many communities impacted by these storms and we have and we will continue to find ways to support these communities in their efforts to rebuild.

I am very pleased with the results for the quarter, given the continued contraction of the market. At the end of the quarter, we reached 37 consecutive months of year-over-year reduction in existing home sales. This quarter, we saw existing home sales decrease another 3%. In this environment, we continue to focus on growing our business and improving our operations and our offerings. We feel our performance reflects the efforts we have put in over the past 4 years on our journey. We remain dedicated to positioning ourselves well for the market recovery and feel confident that we will have significant upside in a more normalized market from the actions we have taken to improve the company.