CoreLogic, Inc. (CLGX), a provider of information, analytics and business services, Thursday lifted its guidance for full year 2012 above Street estimates, citing improved outlook for mortgage origination levels, successful execution of cost savings initiatives and higher profitability in each of its operating segments.
The company also said it expects revenues and profits to grow at a double-digit rate over the first half of 2012 compared with the same period in 2011. The shares rose more than 5 percent in the morning trade.
The company now expects adjusted earnings per share for the year to be in the range of $1.15 to $1.20, up from the prior outlook range of $1.00 to $1.05. Revenues for the year are now anticipated to be between $1.45 billion and $1.48 billion, compared to the previous guidance of between $1.4 billion and $1.45 billion.
Analysts polled by Thomson Reuters expect the company to report earnings of $1.05 per share, on revenues of $1.42 billion. Analysts' estimates typically exclude special items.
The company now sees adjusted EBITDA to be in the range of $370 million to $390 million, an increase from the prior view of $340 million to $360 million.
Anand Nallathambi, president and chief executive officer of the company said, "CoreLogic continues to successfully execute on its 2012 business plan. Strong anticipated second quarter results and increased full year financial guidance reflect the improving outlook for mortgage origination levels, successful execution of our cost savings initiatives and higher profitability in each of our operating segments."
According to the company, the revised guidance for the full year of 2012 is based on estimates and assumptions that current year volumes of mortgage loan originations will be about $1.3 trillion and overall mortgage delinquency volumes to contract at least 10 percent from 2011 levels.
It also assumes a successful execution of identified Project 30 cost savings initiatives totaling $60 million in 2012 and repurchase of 5 million common shares before the end of 2012.
CLGX is currently trading at $18.3, up 5.17 percent, on a volume of 130 thousand shares on the NYSE.
For comments and feedback contact: editorial@rttnews.com
Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.