MortgagePolitics & Money

Black Knight nets $111M in profit on new tax code

"Another successful year for Black Knight"

Mortgage analytics and software provider Black Knight just reported results for the fourth quarter and the entire 2017.

The company reports revenues for the fourth quarter of 2017 increased 2% to $267.5 million from $261.5 million in the prior year quarter.

Net earnings for the fourth quarter of 2017 were $147.2 million, or $0.97 per diluted share, compared to $11.8 million, or $0.17 per diluted share, in the prior year’s quarter.

More notably, Black Knight’s fourth quarter results include an income tax benefit of $110.9 million related to the revaluation of net deferred income tax liability as a result of the recent Tax Cuts and Jobs Act of 2017.

“2017 was another successful year for Black Knight as we continued to execute against our long-term strategic initiatives to drive organic growth,” said Black Knight Executive Chairman Bill Foley. “As we look towards 2018, we are excited and optimistic about our opportunities to continue to drive Black Knight forward and deliver value for our shareholders.”

Revenues for the year ended December 31, 2017 increased 2% to $1,051.6 million from $1,026.0 million in 2016.

Net earnings attributable to Black Knight for the year ended December 31, 2017 were $182.3 million, or $1.47 per diluted share, compared to $45.8 million, or $0.67 per diluted share, in 2016. 

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