Equifax reported revenue of $957.9 million in the first quarter of 2020, up 13 percent compared to the first quarter of 2019 and up 15 percent on a local currency basis.
“During these unprecedented times, Equifax is focused on the health and safety of our employees while delivering for our customers and consumers. Despite this global challenge, we are continuing to invest in our three-year $1.25 billion EFX 2020 cloud technology, data, and security transformation and rolling out new products to strengthen the company for the future,” said Mark W. Begor, Equifax Chief Executive Officer.
“Even with the impact of the pandemic in March, Equifax delivered its strongest quarterly revenue performance since the 2017 cyber event with broad based revenue and margin growth. The strong First Quarter performance follows our momentum in the second half of 2019 and positions us well to weather the economic impacts of Coronavirus. Our team is focused on providing enhanced solutions from our differentiated data assets to help our customers manage through these challenging times.”
Financial Results Summary
The company reported revenue of $957.9 million in the first quarter of 2020, up 13 percent compared to the first quarter of 2019 and up 15 percent on a local currency basis. Net income attributable to Equifax of $112.6 million was up in the first quarter of 2020 compared to a net loss attributable to Equifax of $555.9 million in the first quarter of 2019. First quarter diluted EPS attributable to Equifax was $0.92, up compared to a loss of $4.57 in the first quarter of 2019.
Our results in the first quarter of 2019 included a pre-tax 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 of 2019.
Withdrawal of Full Year Guidance
Due to the rapidly evolving environment and continued uncertainties resulting from the economic impact globally of the coronavirus disease (“COVID-19”), we are not providing guidance for the second quarter of 2020, and are withdrawing our previously announced guidance for full year 2020, which was issued on February 12, 2020. On our earnings conference call on April 21, 2020, we will discuss the impact of the current economic situation on Equifax including providing perspective on revenue trends in April, and the impact on Equifax financial results should these trends continue for the remainder of the second quarter of 2020. We will also discuss actions we are taking to manage in this environment.
Source: Equifax Press Release
