WASHINGTON (dpa-AFX) - (Adds Outlook & Share movement)
Equifax Inc (EFX) released earnings for the second quarter that decreased from last year but beat the Street estimates. Looking forward, the company lowered its outlook for the full year 2023, 'to reflect the expected impact of weaker than expected U.S. mortgage originations.' Shares were down over 4% in the extended trading session, following the news.
The company's bottom line came in at $138.3 million, or $1.12 per share. This compares with $200.6 million, or $1.63 per share, in last year's second quarter.
Excluding items, Equifax Inc reported adjusted earnings of $211.8 million or $1.71 per share for the period.
Analysts on average had expected the company to earn $1.67 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Revenue came in at $1.32 billion, equal to the mark posted in the same period last year.
For the full year, the company now expects adjusted earnings of $6.85 to $7.10 per share and revenues of $5.270 billion to $5.330 billion. Analysts currently estimate earnings of $7.17 per share and revenues of $5.32 billion.
Previously, the company expected adjusted earnings of $7.05 to $7.35 per share and revenues of $5.275 billion to $5.375 billion for the full year.
Equifax Inc earnings at a glance (GAAP) :
-Earnings (Q2): $138.3 Mln. vs. $200.6 Mln. last year. -EPS (Q2): $1.12 vs. $1.63 last year. -Analyst Estimates: $1.67 -Revenue (Q2): $1.32 Bln vs. $1.32 Bln last year.
-Guidance: Next quarter EPS guidance: $1.72 - $1.82 Next quarter revenue guidance: $1.320 - $1.340 Bln Full year EPS guidance: $6.85 - $7.10 Full year revenue guidance: $5.270 - $5.330 Bln
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