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CoreLogic Ups Q2 Guidance on U.S. Mortgage Market Volumes
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CoreLogic, Inc. , on Friday, announced that it has raised the guidance for the second quarter of 2020. The company is optimistic about its quarterly results on the back of persistent gains in market share along with operational efficiency, driven by higher U.S. mortgage market volumes.
Raised Guidance
CoreLogic now expects revenues of $455-$465 million compared with the prior guidance of $420-$445 million, provided along with first-quarter results on Apr 20. The Zacks Consensus Estimate of $440.27 million lies below the current guidance.
Adjusted EBITDA is now anticipated between $145 million and $150 million compared with the prior guidance of $120-$135 million.
Notably, Frank Martell, president and chief executive officer at CoreLogic, stated, "CoreLogic continues to deliver strong growth and profitability driven by market share gains, higher market volumes, favorable revenue mix and the benefits of the ongoing productivity programs. For the fourth successive quarter, we expect to deliver profits in line with our 30% margin target. We also continued to return significant capital and reduce debt levels based on our durable cash generative model."
Share Price Movement
Shares of CoreLogic scaled a 52-week high of $68.40 in the trading session on Jun 26, before closing a tad lower at $67.95.
The company’s shares have charted a solid trajectory in recent times, appreciating 55.5% so far this year, against 0.4% decline of the industry it belongs to.
Notably, CoreLogic has witnessed a 76.9% rise in share price since it posted first-quarter 2020 results.
Bottom Line
CoreLogic is hopeful of gaining from the favorable U.S. market volumes, share gains and operational efficacy during the second half of the year.
The company will update its full-year 2020 guidance concurrent with its second-quarter earnings release in July.
Zacks Rank and Stocks to Consider
CoreLogic currently carries a Zacks Rank #3 (Hold).
The long-term expected earnings per share (three to five years) growth rate for DocuSign, SailPoint and ManpowerGroup is 31.2%, 15% and 15%, respectively.
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CoreLogic Ups Q2 Guidance on U.S. Mortgage Market Volumes
CoreLogic, Inc. , on Friday, announced that it has raised the guidance for the second quarter of 2020. The company is optimistic about its quarterly results on the back of persistent gains in market share along with operational efficiency, driven by higher U.S. mortgage market volumes.
Raised Guidance
CoreLogic now expects revenues of $455-$465 million compared with the prior guidance of $420-$445 million, provided along with first-quarter results on Apr 20. The Zacks Consensus Estimate of $440.27 million lies below the current guidance.
Adjusted EBITDA is now anticipated between $145 million and $150 million compared with the prior guidance of $120-$135 million.
Notably, Frank Martell, president and chief executive officer at CoreLogic, stated, "CoreLogic continues to deliver strong growth and profitability driven by market share gains, higher market volumes, favorable revenue mix and the benefits of the ongoing productivity programs. For the fourth successive quarter, we expect to deliver profits in line with our 30% margin target. We also continued to return significant capital and reduce debt levels based on our durable cash generative model."
Share Price Movement
Shares of CoreLogic scaled a 52-week high of $68.40 in the trading session on Jun 26, before closing a tad lower at $67.95.
The company’s shares have charted a solid trajectory in recent times, appreciating 55.5% so far this year, against 0.4% decline of the industry it belongs to.
Notably, CoreLogic has witnessed a 76.9% rise in share price since it posted first-quarter 2020 results.
Bottom Line
CoreLogic is hopeful of gaining from the favorable U.S. market volumes, share gains and operational efficacy during the second half of the year.
The company will update its full-year 2020 guidance concurrent with its second-quarter earnings release in July.
Zacks Rank and Stocks to Consider
CoreLogic currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Zacks Business Services sector are DocuSign (DOCU - Free Report) , SailPoint Technologies Holdings, Inc. and ManpowerGroup (MAN - Free Report) . All the stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The long-term expected earnings per share (three to five years) growth rate for DocuSign, SailPoint and ManpowerGroup is 31.2%, 15% and 15%, respectively.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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