Outperformance of Mortgage Market Trends and Margin Expansion Highlight Strong Operational Execution; Accelerated AMC Transformation Program and Wind-down of Non-Core Mortgage and Default Technology Units Progressing as Planned
IRVINE, Calif. — (BUSINESS WIRE) — April 24, 2019 — CoreLogic (NYSE: CLGX), a leading global provider of residential property information, insight, analytics and data-enabled solutions, today reported financial results for the quarter ended March 31, 2019. Operating and financial highlights appear below.
- Revenues of $418 million, down 6% primarily reflecting the impacts of an estimated 10% to 15% drop in U.S. mortgage volumes and lower revenues attributable to appraisal management company (AMC) operations and non-core mortgage and default technology related platforms.
- Operating and net income from continuing operations were $21 million and $2 million, 52% and 94% below prior year levels, driven by the impacts of lower revenues and higher costs related to productivity programs and efficiency actions.
- Diluted EPS from continuing operations of $0.02, compared to $0.34. Adjusted EPS totaled $0.45, down 14%.
- Adjusted EBITDA of $98 million, down 5%. Adjusted EBITDA margins were up approximately 20 basis points.
- The Company made $23 million in voluntary principal payments against its outstanding term loan obligations.
“CoreLogic is off to a strong start in 2019. We delivered solid financial results highlighted by adjusted...