CoreLogic reported net income of $43.6 million for 2Q13, a slight increase from 2Q12’s $42.7 million. Net income from continuing operations was $44.9 million, up 9% over the same period in 2012.
Operating income for the quarter was $68.4 million, a 1.2% increase over 2Q12 due to revenue gains in CoreLogic’s mortgage origination services and data and analytics units, which more than offset lower revenue from the asset management and processing services segment.
MOS revenue was $184.4 million, up nearly 25% as a result of higher demand for credit reports, tax services and flood certifications. D&A revenue was $169 million, up 11%, but AMPS revenue of $80.1 million was down 14.5% from 2Q12 reflecting a double-digit drop in market volumes of delinquent loans and foreclosure starts.
In its results, CoreLogic said it expected to generate revenue for the full year of between $1.57 billion and $1.6 billion. But the projection does not take into account the third-quarter purchase of
During the first quarter
In its press release, president and CEO Anand Nallathambi said, "CoreLogic delivered outstanding financial results in the second quarter and first half of 2013. Our MOS and D&A segments continue to grow at double-digit rates through a combination of product and service innovation, operating leverage and market share gains.
"Importantly for the future, we continue to aggressively reinvest in strategic growth areas and our technology transformation initiative. The acquisition of MSB and DataQuick, once it closes, will expand our footprint in property and casualty insurance and add additional scale to our D&A segment.”
