CoreLogic Turns Third-Quarter Profit
CoreLogic, Irvine, Calif., reported net income of $36.2 million for the third quarter, as operating income increased over 120% over the prior year due to double-digit revenue growth.
For the third quarter of 2011, the company reported a net loss of $2.9 million.
In a press release, chief financial officer Frank Martell said, "We exceeded our Project 30 cost reduction targets and completed our 10 million share repurchase ahead of schedule. Importantly, we also continued to reinvest in programs such as the Technology Transformation Initiative which we expect will enable significant future revenue growth and drive further cost reductions.
“Looking forward, we are optimistic that improving market fundamentals and the execution of our strategic business plan will continue to yield strong returns for our stakeholders."
Year-to-date cost reductions due to Project 30 topped $51 million. Third-quarter charges for TTI were over $22 million.
Based in large part on projected mortgage industry origination volume for this year of between $1.6 trillion and $1.7 trillion, CoreLogic raised its earnings per share guidance for the full year to between $1.45 and $1.50 per share from $1.15 and $1.20 per share.
All three of its business segments were profitable in the period. Mortgage origination services had a 36% increase in revenue over the prior year due to increased demand for credit and tax services and for flood certifications. Data and analytics revenue was up almost 7% and default services revenue was up 5%.
Towards the end of the quarter CoreLogic agreed to a $7.8 million legal settlement with New York State Attorney General Eric Schneiderman over the actions of its eAppraiseit unit.