Full-Year Highlights: Revenues up 9% to $1,528 million driven by double-digit growth in the Property Intelligence (PI) segment and market outperformance in the Risk Management and Work Flow (RMW) segment and partially offset by $23 million in unfavorable foreign currency translation. Operating income from continuing operations up 20% to $203 million reflecting the benefits of revenue growth and cost management. Net income from continuing operations up 43% to $128 million with growth in operating results, a gain on investments related to the acquisition of RELS, LLC (RELS) and lower interest costs partially offset by higher taxes and unfavorable currency translation.
Fourth quarter revenues totaled $391 million, 13% higher than prior-year levels, as market share gains, organic growth and acquisition-related revenues more than offset unfavorable currency translation. PI segment revenues rose 24% to $192 million driven principally by improved organic growth trends in property information and analytics and the launch of the VSG which more than offset unfavorable currency translation. Benefits from market share and pricing gains drove RMW revenues up 4% year-over-year to $201 million despite flat U.S. mortgage loan application volumes, the impact of lower project-related document processing and retrieval revenues and the planned run-off of a non-core credit reporting service.
Operating income from continuing operations totaled $27 million for the fourth quarter compared with $36 million for the fourth quarter of 2014. Benefits of previously discussed revenue gains and productivity were offset by VSG-related transaction as well as integration costs and investments in previously announced cost reduction programs aggregating$14 million. Before the effect of these items, operating income from continuing operations increased by approximately $5 million. Fourth quarter operating income margin was 7% compared with 10% for the fourth quarter of 2014. One-time items identified above negatively impacted fourth quarter 2015 operating income margin by about 350 basis points.
“CoreLogic delivered an outstanding operating performance in 2015 with strong growth in revenue, adjusted EBITDA and adjusted EPS. Fourth quarter revenues grew at a double-digit rate as we accelerated growth in our core underwriting and risk management operations and launched the VSG,” said Anand Nallathambi, President and Chief Executive Officer of CoreLogic. “We are entering 2016 with a clear pathway to sustained growth as we deploy our unique data, analytics and data-enabled services that, collectively, enable our current and future clients in the real estate ecosystem to more precisely underwrite and manage their risks and capitalize on opportunities as they arise. Along these lines, the VSG affords us with a unique value catalyst and an opportunity for strategic growth and leadership in a highly-fragmented and challenged market space.”
Source: CoreLogic Press Release