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CoreLogic acquisition spree pushes earnings higher in Q2

Sees profitable quarter despite drop in mortgage activity

Recently, CoreLogic, a property information, analytics and data-enabled services provider, has been on a roll when it comes to acquisitions; for this reason, it comes as no surprise the company reported an increase in earnings in the second quarter of 2018.

Back in April, the company announced its acquisition of a la mode technologies to expand CoreLogic’s growing valuations division.

This acquisition continued a significant expansion in CoreLogic’s valuations division that’s taken place over the last several years, including buying LandSafe Appraisal ServicesFNC, and RELS for a total purchase price of approximately $587 million.

Read more about CoreLogic’s string of acquisitions here.

And given its recent growth, it comes as no surprise that the company report strong financial results in the second quarter. CoreLogic’s property intelligence and risk management revenues increased 4% to $183 million driven primarily by organic growth in property insights, including real estate-related and international operations, as well as contributions from insurance and spatial solutions acquisitions completed in 2017.

Total revenues increased 3% to $488 million in the second quarter, up from $474 million in the second quarter of 2017.

This increase was despite the impact of lower mortgage origination volumes, CoreLogic explained. The company saw a 10% decline in mortgage loan unit volumes. The company forecasted total loan origination unit volumes will decrease between 10% and 15% from 2017 to 2018.

Operating income rose 14% in the second quarter to $90 million, up from $78 million in the second quarter of 2017. And net income from continuing operations surged 42% to $59 million, up a full $17 million from the year before.

Diluted earnings per share from continued operations increased a full 48% from last year to $0.71.

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