(RTTNews) - Thursday, Lender Processing Services, Inc. (LPS: News ), a technology provider to mortgage and real estate industries, reported higher third-quarter profit and revenues that beat Street estimates, aided by double-digit revenue growth in two of its business segments. The company also provided guidance for the fourth quarter and full year 2009.

The Jacksonville, Florida-based company's third-quarter net income increased to $75.5 million from $51.28 million a year ago. Third-quarter earnings per share were $0.78.

On a non-GAAP basis, third-quarter net income increased to $80.2 million or $0.83 per share from $57.8 million or $0.61 per share in the third quarter of 2008. Adjusted net earnings includes an adjustment for purchase amortization of $0.05 per share, while the prior-year quarter included a similar adjustment of $0.07 per share. On average, nine analysts polled by Thomson Reuters estimated earnings of $0.77 per share for the quarter. Analysts' estimates typically exclude special items.

Consolidated revenues for the third quarter rose 32.7% to $619.4 million from $466.76 million in the year-earlier period. Analysts expected revenues of $573.15 million for the quarter.

Operating income improved 32.6% to $143.6 million from $108.29 million in the third quarter of 2008.

Segment wise, revenue from Technology, Data, and Analytics segment increased 24.4% to $186.3 million from the previous-year quarter. Revenue from Loan Transaction Services segment increased 32.1% to $440.5 million from the third quarter of 2008.
Net corporate expenses climbed to $20.3 million from $15.6 million a year ago, primarily due to higher incentive expenses driven by the strong operating results.

For the nine-month period, the company's net income increased to $200.83 million from $176.56 million while revenue for the period climbed to $1.76 billion from $1.36 billion.

Looking ahead, the company expects fourth-quarter adjusted earnings in the range of $0.77 to $0.79 per share. Analysts, on a consensus, expect earnings of $0.77 per share at present.

For full year 2009, the company estimates revenue growth of 26% to 28% compared to 2008 and adjusted earnings in the range of $3.07 to $3.09 per share. On a consensus, analysts currently expect earnings of $3.00 per share on revenues of $2.27 billion.

LPS closed Thursday's regular trading at $40.81, down $0.39 or 0.95%, on a volume of 1.14 million shares on the New York Stock Exchange.

To receive FREE breaking news email alerts for Lender Processing Services, Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: contact editorial@rttnews.com