CoreLogic 3Q loss $93.4 million, plans share repurchase
Real estate services and analytics provider CoreLogic (CLGX) swung to a loss of $93.4 million for the third quarter from income of $24.4 million in the second quarter. It was the company's first full quarter as an independent company after after being spun off from First American (FAF) earlier this year. The company said it will repurchase up to $100 million in common stock. The company will execute the program over the next 11 months with about $25 million through the end of the year. Buddy Piszel, chief financial officer at CoreLogic, said the repurchase program will help defend against the soft outlook for mortgage originations through 2011. The company's mortgage origination services group reported $137.7 million in revenue, up 5.6% from the previous quarter. Revenue in its default and technology services group fell 1.5% to $110.2 million. On its data and analytics side, CoreLogic reported $56.1 million in revenue, up 14.5% from the previous quarter and driven by fraud and income verification products. First American provides title insurance and other services for residential and commercial real estate sales. CoreLogic generates consumer, financial and property information while providing other business services. CoreLogic's stock opened for the first time June 2 at $18.74 per share, according to Google Finance. The closing price peaked at $20.34 on June 3, and has fluctuated ever since. Google Finance put the closing price the day before CoreLogic's Aug. 5 earnings release at $19.85. Closing price on Thursday is $18.10. Write to Jon Prior.