Mortgage Vendor LPS Posts Strong Earnings in 3Q
Lender Processing Services Inc., Jacksonville, Fla., one of the largest mortgage vendors in the U.S., posted net earnings of $58.3 million in the third quarter, a 44% increase from the same period a year earlier.
The publicly traded technology/service provider reported consolidated revenue of $512.7 million for 3Q a slight decline from last year.
"Our strong third-quarter results demonstrate LPS' continued delivery of high-value, technology-driven solutions to our clients to meet evolving compliance, loan quality and efficiency requirements," said Hugh Harris, president and CEO of the firm.
One of its highlights was technology, data and analytics where revenue rose 11% to $192 million. Its EBITDA margin was 26.7%, up 460 basis points from last year.
Operating income for the third quarter increased 19.4% to $112.4 million from the prior year period.