Equifax posted its second quarter earnings that surpassed analysts' forecasts, while its revenue was in line with estimates.
The company’s earnings came in at $2.09 per share, compared to $2 expected by analysts polled by Investing.com.
Revenues climbed +7% to $1.32 billion, similar to analysts’ forecasts.
Core revenue growth in the quarter was +19%, and core organic revenue growth came in at +16% in the quarter.
Workforce Solutions core revenue climbed +41%. USIS B2B non-mortgage growth of 6% was up from first quarter, but lower than the Equifax expected. B2B non-mortgage online growth was 9%. However, our B2B offline business was much weaker than the company expected, decreasing -5% in the quarter.
Equifax is expecting 2022 core revenue growth of 17%, and for constant currency non-mortgage revenue growth is 19% -- both unchanged from the April guidance.
The company updated its outlook on mortgage, as it anticipates credit inquiries decline by over -46% in the second half, which is about 600 basis points lower from April framework with mortgage originations down 200 to 300 basis points beyond these levels.