CoreLogic Shares Jump on Strong Q2 ReportWednesday, July 25, 2012
Shares of Santa Ana-based CoreLogic Inc. rose to their highest-ever levels yesterday, following the data analytics company’s posting of better-than-expected second quarter earnings.
CoreLogic, which specializes in data for the real estate and mortgage industries, reported earning $42.7 million for the quarter, up from $31.5 million in the same period a year earlier.
Revenue also rose to $389.4 million, a 19% increase from year-ago levels. Analysts had expected second-quarter revenue of about $374 million.
“CoreLogic has delivered strong revenue and earnings growth for the fourth quarter in a row,” said chief executive Anand Nallathambi.
CoreLogic shares rose more than 10% on the earnings report, which follows recent news of corporate cost cutting, a new IT services deal with Dell Inc. and improved guidance for its full-year earnings. Shares fell back slightly by 2.86% in midday trading today to $22.72.
The company now counts a market value of about $2.4 billion – the company’s highest valuation since its mid-2010 split from title insurance company First American Corp. Shares in the company have nearly tripled over the past year.