Equifax reported revenue of $846.1 million in the first quarter of 2019, down 2 percent compared to the first quarter of 2018 and up 1 percent on a local currency basis.
Net loss attributable to Equifax of $555.9 million was down compared to net income attributable to Equifax of $90.9 million in the first quarter of 2018. First quarter diluted EPS attributable to Equifax was a loss of $4.57, down compared to income of $0.75 in the first quarter of 2018.
Our results in the first quarter of 2019 included a pre-tax legal accrual of $690.0 million for losses associated with certain legal proceedings and investigations related to the 2017 cybersecurity incident. The impact of this accrual on diluted EPS was $4.88 per share.
“In the first quarter, Equifax made positive steps forward with customers and partners while continuing to invest significantly to transform our technology to the public cloud. Our incremental investment of $1.25 billion from 2018 through 2020 in technology and security will accelerate the expansion of our data assets and analytics capabilities, increase the speed of new products to market, enhance our data security, and reduce our costs,” said , Chief Executive Officer of Equifax. “We also continue to make progress to resolve the litigation and regulatory matters related to the 2017 cybersecurity incident. During the quarter, we took a $690 million charge that includes our estimate of losses we expect to incur in connection with a potential global resolution of the consumer class action cases and the investigations by certain federal and state regulators.”
Source: Equifax Earnings Release
