CoreLogic® (NYSE:CLGX), a leading residential property information, analytics and services provider, reported financial results for the quarter ended March 31, 2013.
- Revenues up 10.9% to $397.2 million fueled by growth in Mortgage Origination Services and Data and Analytics segments. Operating income up 22.2% to $55.3 million reflecting higher revenues and the benefit of operating leverage and cost reduction programs. Adjusted EBITDA up 15.9% to $116.2 million; adjusted EBITDA margin of 29.3%, up 130 basis points.
- Full-year common share repurchase target raised from 3 to 5 million shares; 2.9 million shares purchased during the first quarter.
- Acquisition of Case-Shiller further solidifies CoreLogic’s position as the leading insight provider on residential property trends and valuation. On March 20, 2013, the CoreLogic acquired Case-Shiller from Fiserv, Inc. for approximately $6.0 million. Case-Shiller, one of the most widely recognized experts in home price trends and property valuation services, is a highly complementary addition to CoreLogic’s existing residential property insights platform. The acquisition underscores CoreLogic’s ongoing commitment to provide comprehensive data, analytics and services to financial services, government and real estate professionals. The acquisition is expected to be accretive to 2013 earnings.
“CoreLogic is off to a very strong start in 2013. We delivered double-digit top-line growth by capitalizing on an expanding number of opportunity areas presented by a gradually improving housing market. We also boosted margins through our relentless focus on cost productivity,” said Anand Nallathambi, President and Chief Executive Officer of CoreLogic. “Continued strengthening in U.S. housing market fundamentals, low interest rates and the recently announced HARP extension should support top-line growth at improving margins throughout the remainder of 2013. Over the course of the year, we expect to continue to aggressively reinvest in strategic growth areas and our technology transformation initiatives, and to return capital to our shareholders.”
Source: CoreLogic Press Release