CoreLogic Reports 3% Net Income Gain in Q3

IRVINE CA—CoreLogic, a leading global property information, analytics and data-enabled services provider, has reported solid all-around growth for the 3^rd quarter.

Total revenues grew 3% compared to the same period last year, due primarily to 23% increase in revenues from the firm's data and analytics business. Operating income from continuing operations jumped 27% to $77.8 million.
The firm also repurchased 1.48 million common shares and repaid $62 million debt during the quarter.
"CoreLogic delivered excellent results in the third quarter,” said Anand Nallathambi, president and CEO of the Irvine-based company. “Operating and net income were up as we continued to expand our D&A footprint and reap the benefits of our market leadership in TPS. As we move forward, we will continue to focus on aggressively growing our unique data assets, analytics and services through innovation, technology and operational excellence and deeper client intimacy.”

Third quarter revenues totaled $367.5 million. D&A revenues increased 23% to $173.6 million compared with prior year, driven principally by growth in insurance, spatial solutions,
international and core property information revenues, which more than offset the impact of lower mortgage volumes. 

"We continue to shift our business mix toward data-driven, subscription based models built around scaled market leading solutions and services.  As a result of this strategy, our core mortgage operations clearly outperformed market volumes and we materially expanded and diversified our D&A revenues
in the third quarter," added Frank Martell, chief operating and financial officer of CoreLogic. "The durability of our business model allows us to continue to invest in product and service innovation and operational improvements and, at the same time, return significant amounts of capital to our shareholders and reduce our debt balances."