CoreLogic, Inc. reported mixed third-quarter 2020 results with earnings beating the Zacks Consensus Estimate and revenues missing the same.
Adjusted earnings of $1.21 per share beat the consensus mark by 3.4%. Revenue growth, operating leverage, better business mix and cost productivity benefited the bottom line.
Revenues of $437 million missed the consensus mark by 17.7%. The top line benefited from strength in the company’s core mortgage, and insurance and spatial solutions.
Other Quarterly Numbers
Underwriting & Workflow Solutions revenues came in at $263 million, up 26% year over year. Property Intelligence & Risk Management Solutions (PIRM) revenues of $176 million increased 4% year over year. In the quarter, the company witnessed coronavirus-related negative impact of around $4 million on revenues of PIRM.
Adjusted EBITDA of $176 million improved 46% year over year. Adjusted EBITDA margin of 40% expanded 800 basis points (bps).
The company exited the quarter with cash and cash equivalents of $302.3 million compared with $137.3 million recorded at the end of the prior quarter. Long-term debt was $1.5 billion at the end of the quarter. The company generated $176 million of cash from operating activities and CapEx was $8.3 million. During the quarter, it paid out $26.2 million in dividends.
2020 Outlook
CoreLogic estimates revenues in the $1.55-$1.575 billion band, lower than the Zacks Consensus Estimate pegged at $1.86 billion. Adjusted EPS is anticipated in the range of $3.5-$3.65, lower than the Zacks Consensus Estimate of $3.82. Adjusted EBITDA is anticipated within $560-$575 million.
Performance of Other Business Services Companies
Equifax Inc. (EFX - Free Report) reported third-quarter 2020 adjusted earnings of $1.87 per share that beat the Zacks Consensus Estimate by 16.2% and improved 26.4% on a year-over-year basis. Revenues of $1.07 billion outpaced the consensus estimate by 5.9% and improved 22% year over year.
ManpowerGroup Inc. (MAN - Free Report) reported third-quarter 2020 earnings of $1.12 per share, beating the consensus mark by 90.5% but declining more than 37.5% year over year. Revenues of $4.58 billion surpassed the consensus mark by 8.7% but declined 12.7% year over year.
IHS Markit Ltd. recorded third-quarter fiscal 2020 adjusted earnings per share of 77 cents that surpassed the consensus estimate by 11.6% and increased 15% on a year-over-year basis. Total revenues came in at $1.07 billion, marginally surpassing the consensus mark but declining 4% from the year-ago quarter.
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CoreLogic, Inc. reported mixed third-quarter 2020 results with earnings beating the Zacks Consensus Estimate and revenues missing the same.
Adjusted earnings of $1.21 per share beat the consensus mark by 3.4%. Revenue growth, operating leverage, better business mix and cost productivity benefited the bottom line.
Revenues of $437 million missed the consensus mark by 17.7%. The top line benefited from strength in the company’s core mortgage, and insurance and spatial solutions.
Other Quarterly Numbers
Underwriting & Workflow Solutions revenues came in at $263 million, up 26% year over year. Property Intelligence & Risk Management Solutions (PIRM) revenues of $176 million increased 4% year over year. In the quarter, the company witnessed coronavirus-related negative impact of around $4 million on revenues of PIRM.
Adjusted EBITDA of $176 million improved 46% year over year. Adjusted EBITDA margin of 40% expanded 800 basis points (bps).
The company exited the quarter with cash and cash equivalents of $302.3 million compared with $137.3 million recorded at the end of the prior quarter. Long-term debt was $1.5 billion at the end of the quarter. The company generated $176 million of cash from operating activities and CapEx was $8.3 million. During the quarter, it paid out $26.2 million in dividends.
2020 Outlook
CoreLogic estimates revenues in the $1.55-$1.575 billion band, lower than the Zacks Consensus Estimate pegged at $1.86 billion. Adjusted EPS is anticipated in the range of $3.5-$3.65, lower than the Zacks Consensus Estimate of $3.82. Adjusted EBITDA is anticipated within $560-$575 million.
Performance of Other Business Services Companies
Equifax Inc. (EFX - Free Report) reported third-quarter 2020 adjusted earnings of $1.87 per share that beat the Zacks Consensus Estimate by 16.2% and improved 26.4% on a year-over-year basis. Revenues of $1.07 billion outpaced the consensus estimate by 5.9% and improved 22% year over year.
ManpowerGroup Inc. (MAN - Free Report) reported third-quarter 2020 earnings of $1.12 per share, beating the consensus mark by 90.5% but declining more than 37.5% year over year. Revenues of $4.58 billion surpassed the consensus mark by 8.7% but declined 12.7% year over year.
IHS Markit Ltd. recorded third-quarter fiscal 2020 adjusted earnings per share of 77 cents that surpassed the consensus estimate by 11.6% and increased 15% on a year-over-year basis. Total revenues came in at $1.07 billion, marginally surpassing the consensus mark but declining 4% from the year-ago quarter.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.
Click here for the 6 trades >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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