CoreLogic Revenues Up Nearly 10% in Q2

IRVINE, CA-CoreLogic, a locally based provider of residential property information, analytics and services, has revealed that its revenues for second-quarter 2013 were up 9.7% from the previous quarter to $427 million. The firm also reports record levels of revenue, operating and net income and EPS delivered during the quarter.

CoreLogic attributes the revenue increase to double-digit growth in its mortgage-origination services and data-and-analytics segments. Operating and net income from continuing operations were up 1.2% to $68.4 million and 9% to $44.9 million, respectively, reflecting higher revenues, operating leverage benefits and cost-reduction programs.

“CoreLogic delivered outstanding financial results in the second quarter and first half of 2013,” says Anand Nallathambi, president and CEO of the firm. “Our MOS and D&A segments continue to grow at double-digit rates through a combination of product and service innovation, operating leverage and market-share gains. Importantly for the future, we continue to aggressively reinvest in strategic growth areas, and our technology-transformation initiative.”

Nallathambi adds that CoreLogic's acquisition of MSB and DataQuick—once closed—will expand its footprint in property and casualty insurance and add additional scale to its D&A segment. “We are also excited to be able to provide flood and tax-processing services to Bank of America in line with our long-stated business imperative of driving scale and operating leverage in our MOS segment.”

Frank Martell, CFO of CoreLogic, adds that the firm's second-quarter financial results “demonstrate the impact of our relentless focus on delivering against the key elements of our strategic business plan. We continue to grow and scale up D&A and MOS, boost profit margins and drive free cash flow. Our strong margin and cash-flow profile provides the financial flexibility to complete the recently announced acquisitions and, at the same time, significantly increase the return of capital to our shareholders by expanding our 2013 repurchase program to at least 8 million shares.”

As GlobeSt.com reported in May, according to Voit Real Estate Services, CoreLogic was among several local tenants who took more space in 2012 than in the previous year. Other tenants include Allergan, Western Digital, LA Fitness, Greenlight Financial, Gateway One and Panasonic Aviation. Voit also reported that firms including Goodrich Corp. and First PacTrust Bancorp shifted operations from other Southern California metros into Orange County last year.