CoreLogic reported its third-quarter net income increased by 27% on a year-over-year basis, as it saw record highs for revenue and operating income.
It had net income of $36 million in the third quarter, up from $28 million in the
The company "also aggressively executed against productivity programs through which we expect to yield cost reductions of at least $30 million in 2016 and a similar amount in 2017," said CoreLogic President and Chief Executive Officer Anand Nallathambi in a press release.
Third-quarter revenue totaled $524 million compared with $386 million one year ago, driven primarily by valuation solutions upsides, growth in insurance and spatial solutions, international operations, and higher risk management and underwriting revenue. But revenue was offset partially by the timing of project-related revenue and the wind down of noncore product lines.
The higher revenue, as well as the expense reduction program, drove a 29% increase in operating income to $85 million.
"As we enter 2017, we expect to continue this strong performance as we capitalize on opportunities in such areas as valuation solutions, share gains, pricing and product development," said Nallathambi.
