Shares of CoreLogic Inc. surged to their highest-ever level on Thursday, a day after the Irvine-based provider of residential property information and analytics reported strong third-quarter earnings.
CoreLogic’s reported third-quarter revenues of $405.5 million, down 1% from year ago levels due to a lower level of refinancing and foreclosure-related business, while net income from continuing operations came in at $50 million, up 38% from a year ago.
Both sales and net income for the company outpaced analyst expectations for the quarter.
The company “delivered strong operating performance in the third quarter despite the sharp downturn in loan originations tied to refinancing and the continued drop in loan delinquency and foreclosure rates,” said Anand Nallathambi, CoreLogic’s chief executive.
Nallathambi credited a focus on growth of higher-margin business lines, improved efficiencies and disciplined capital management for the strong performance.
CoreLogic’s stock was up nearly 16% in mid-day trading on Thursday, giving the company a market value of nearly $3 billion.