CoreLogic reported revenues of $460 million, down $29 million, or 6%, largely reflecting the impact of a discrete revenue recognition benefit of $23 million in the prior year, and the wind-down of non-core mortgage and default technology units which decreased current period revenue $5 million.
Operating income of $15 million was down $75 million, or 84%, primarily reflecting the impact of lower revenues, non-cash impairment charges of $48 million, and severance charges of $6 million in connection with the transformation of the Company’s appraisal management company (“AMC”).
Net loss from continuing operations totaled $6 million compared with net income of $59 million, reflecting lower operating income levels. Diluted EPS from continuing operations totaled $(0.07). Adjusted EPS totaled $0.82.
“CoreLogic delivered a strong operating performance over the first six months of 2019 despite challenging market conditions in the U.S. and Australia. On a run-rate basis, after considering discrete items, revenues and profitability were essentially in line with a strong prior year comparative. We grew our insurance and international capabilities and footprint as well as expanded our real estate and valuation platform revenues. Our UWS segment had a strong first half and is well positioned for further revenue and margin growth,” said Frank Martell, President and Chief Executive Officer of CoreLogic. “As market leaders, we are continuing to reinvest in our business with a focus on building upon our core capabilities in data and technology, as well as reducing run-rate costs and driving productivity gains, which we expect will be a foundation for our continued success.”
Source: CoreLogic Earnings Release