Equifax Inc. said the Iran war prompted more caution about the outlook for the rest of the year, even after a surge in mortgage applications drove first-quarter revenue growth to the fastest in more than four years.
The credit reporting company maintained its full-year local currency revenue growth forecast, pointing to a slowdown in US mortgage demand as higher rates weigh on activity following the outbreak of the war.
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"We felt it was prudent to maintain our 2026 guidance," Chief Executive Officer Mark Begor said on its earnings call, citing a lack of clarity on the economy, inflation and interest rates. "We've seen mortgage activity decline in the last six weeks."
Begor expects the lower level of activity to continue until the Iran conflict is resolved and interest rates moderate.
First-quarter revenue rose 14%, ahead of analysts' average estimate. Elevated mortgage activity was seen early in the quarter, before interest rates climbed following the Middle East conflict, the company said in a statement Tuesday.
Equifax shares fell 1.2% in New York. That added to an 8.5% decline since the start of the year as of the Monday close.
