CoreLogic Debuts with Q2 Profits of $24M, Below ExpectationsThursday, August 5, 2010
Santa Ana-based real estate data services provider CoreLogic Inc. posted a profit of $24.4 million in its first quarterly results as an independent company, less than half as much as it earned a year earlier and about $5 million below Wall Street expectations.
The company, which emerged in a June split of what used to be Santa Ana-based First American Corp., reported second-quarter profits that were down 65% from a year earlier and 17% below the company’s first-quarter results.
Analysts had been expecting second quarter earnings of about $29 million.
Second-quarter revenue totaled $468.3 million, down 6% from a year earlier and up 4% from the first quarter.
The quarter-to-quarter jump in revenue was due to growth in analytical and advisory sales in the risk and fraud businesses, and an improved product mix in the default and technology services business, CoreLogic officials said.
The company also saw a rebound in mortgage origination work during the quarter, officals said.
CoreLogic is looking to sell its employer, investigative and litigation consulting business, according to Anand Nallathambi, the company’s chief executive.
That business was part of a division that brought in about $66 million of revenues last quarter.
Gains from the sale of those units will help the company pursue acquisitions, according to the company.
CoreLogic, which counts a market value of about $2 billion, has about $395 million of cash on hand.
On Tuesday, Santa Ana-based title insurer First American Financial Corp., which split from CoreLogic in June, reported a profit of $33.8 million. That was up 18% from a year earlier and topped the $32.7 million analysts were expecting on average.