CoreLogic first-quarter earnings drop 20%
Financial analytics and services provider CoreLogic (CLGX) earned $23.3 million in the first quarter, or 20 cents per share, down 20.7% from the $29.4 million earned one year ago. The company continues to increase its focus toward the data and analytics department. As industry-wide foreclosure issues and a lack of demand on the origination side linger, revenue dropped in almost every other area. The data and analytics segment was one of the few departments to see an increase in revenue, generating $203.2 million for the company, up from $181.5 million a year earlier. Revenue for CoreLogic's mortgage origination services dropped 9% from one year ago to $111.7 million in the first quarter. Revenue for appraisal services declined 27% to $123 million on lower demand. A 35% decline in broker-priced opinions pushed revenue for the default and technology services group down 1% to $102.6 million. However, operations from the CoreLogic REO field services segment, which includes REO asset management, increased 25% from a year ago, the company said. "The continued shift in our business towards data and analytics helped provide top-line resiliency despite the challenges in the U.S. housing and mortgage markets," said CoreLogic CEO Anand Nallathambi. "We expect our financial results to improve through the year, as normal mortgage market seasonalities lift our revenues and the positive effects of our cost savings initiatives are felt." Write to Jon Prior. Follow him on Twitter @JonAPrior.