CoreLogic (CLGX) reported second-quarter revenue of $386.0 million, up 5.5% from prior-year levels, as higher U.S. mortgage origination volumes, market share gains in core underwriting solutions and demand for property data and analytics drove improved results.
Net income from continuing operations increased 23.4% to $33 million, as diluted EPS increased 24.1% to $0.36. Adjusted EPS rose 41.0% to $0.55.
While revenue missed expectations by $3.25 million, EPS beat by $0.07.
Technology & Processing Solutions' revenues increased 8% year-over-year to $214.0 million driven primarily by higher demand for mortgage-related underwriting solutions and market share growth in our payment processing, flood services and credit services units.
Data and Analytics' revenues were $174.6 million, up 2.2% (5.8% on a constant-currency basis) compared with the prior year.
Operating income from continuing operations totaled $60.7 million for the second quarter compared with $41.0 million for the second quarter of 2014.
The 48.0% increase in operating income resulted primarily from higher revenues, favorable operating leverage in our mortgage-related underwriting solutions businesses and lower expenses related to ongoing cost management and the company's strategic transformation program.
However, these cost-related benefits were partially offset by increased depreciation and amortization.
“CoreLogic delivered another strong operating performance in the second quarter. We grew revenues and gained market share in a number of our core operations. We also continued to invest in our NextGen technology platform and in our product and service development," said Anand Nallathambi, president and CEO of CoreLogic.
"As we move forward, we are squarely focused on enabling and accelerating the growth of our unique underwriting, compliance and risk management-related solutions which are powered by our industry-leading property data, analytics and data-enabled workflow tools and platforms," continued Nallathambi.
