Black Knight Financial Services announced a significant drop in its net income for the second quarter, according to the earnings report released after markets closed Wednesday.
Net earnings attributable to Black Knight fell nearly 43% to $6.5 million in the second quarter, down from $11.4 million in the second quarter last year.
Net earnings per diluted share also dropped in the second quarter, falling from $0.17 in the second quarter of 2016 to $0.17.
However, Black Knight CEO Tom Sanzone focused on the company’s slight revenue increase in his statement.
“We are pleased with our results in the second quarter,” Sanzone said. “We delivered adjusted revenues growth of 2%, or 5.5% excluding the effect of the property insight realignment, and adjusted EBITDA growth of 8%, which drove adjusted EBITDA margin expansion of 270 basis points to 47.9%.”
“The fundamentals of our business remain strong, and we remain focused on converting our significant implementation pipeline,” he said.
Revenues increased 3% annually during the second quarter to $262.2 million, up from $255.5 million last year, while adjusted revenues increased 2% to $263.4 million, up from $257.5 million in the year before.
