CoreLogic takes in record profits in 2Q
CoreLogic (CLGX) grew earnings and revenue to record levels in the second quarter.
The financial services firm reported net income of $42.6 million, or 40 cents per share, in the second quarter, with more than $1.3 million in gains and sales of discontinued operations. The profits increased from $31.4 million one year ago when the company lost more than $8.5 million from discontinued businesses.
Revenues increased 18.6% to $389.4 million. Income from its mortgage origination services department increased nearly 30% alone from last year, according to CEO Anand Nallathambi.
"Our strong year-to-date operating results and the recent increase in our full-year financial guidance are the result of a laser-like focus on executing against our strategic business plan. CoreLogic has delivered strong revenue and earnings growth for the fourth quarter in a row," Nallathambi said.
The company repurchased roughly 1.7 million shares for $28.7 million in the second quarter and plans to double the amount of repurchases for the year to 10 million shares.