Operator
Hello, and thank you for joining the Stewart Information Services Fourth Quarter and Fiscal Year-End 2020 Earnings Call. [Operator Instructions] Later, you ll have an opportunity to ask questions during the question-and-answer session. Instructions will be given at that time. Please note, this call may be recorded. [Operator Instructions] It is now my pleasure to turn today s conference over to Nat Otis, Head of Investor Relations. You may begin.
Nat Otis
Director of Investor Relations / Senior Vice President-Finance
Thanks, Aaron. Good morning. Thank you for joining us today for Stewart s fourth quarter 2020 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. I will remind participants that this conference call may contain forward-looking statements that invo
Stewart Reports Fourth Quarter 2020 Results
- Operating revenues of $728.3 million, an increase of $215.6 million, or 42 percent, compared to the prior year quarter
- Net income of $59.7 million ($56.4 million on an adjusted basis) compared to break-even results ($20.6 million on an adjusted basis) in the prior year quarter
- Diluted EPS of $2.22 ($2.09 on an adjusted basis) compared to prior year quarter diluted EPS of $0.00 ($0.87 on an adjusted basis)
- Full year 2020 net income of $154.9 million ($158.3 million on an adjusted basis) compared to $78.6 million ($65.4 million on an adjusted basis) in the prior year
- Full year 2020 diluted EPS of $6.22 ($6.35 on an adjusted basis) compared to 2019 diluted EPS of $3.31 ($2.75 on an adjusted basis)
Stewart Title Announces the Opening of a New European Underwriter
Stewart Title Announces the Opening of a New European Underwriter Stewart Title Limited, the underwriter for Stewarts transactions in the United Kingdom, The Bahamas and Australia (and previously in Europe), announced today the opening of a new underwriter in Malta. The new underwriter will operate under the name Stewart Title Europe Limited and will handle all transactions in the European Union. Tomasz Klodowski, Managing Director, will continue to oversee European operations and business development. This is an exciting opportunity for Stewart that will allow us to continue to support our customers across Europe with world-class title and underwriting services, said Fred Eppinger, Stewart CEO. As we continue to build the Premier Title Services Company across the globe, its investments and growth like this that add to an already strong market offering in Europe.