Corelogic (CLGX) Misses Q1 EPS by 2c, Miss on Revenues

Corelogic (NYSE: CLGX) reported Q1 EPS of $0.37, $0.02 worse than the analyst estimate of $0.39. Revenue for the quarter came in at $439.8 million versus the consensus estimate of $442.98 million.

Strong Operating Performance Highlighted by Significant Market Outperformance, Aggressive Cost Management and High Cash Flow Conversion

-- Revenues of $440 million were down 3% as market share gains, pricing actions and new products were offset by the impact of an estimated 20% decline in U.S. mortgage application volumes.

-- Operating income from continuing operations of $33 million was down 44% as operating gains in insurance and spatial solutions, international operations and RMW partially offset lower mortgage application volumes, cost management program-related charges, and the timing of technology and compliance investments.

-- Net income from continuing operations of $13 million, down 54%. Diluted EPS from continuing operations of $0.15 per share. Adjusted EPS of $0.37 per share.

-- Adjusted EBITDA totaled $90 million, 16% lower than prior year.

For earnings history and earnings-related data on Corelogic (CLGX) click here.

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