Equifax Posts 17-percent Drop In 3Q Income

ATLANTA (AP) — Equifax Inc. said Wednesday its third-quarter net income fell 17 percent, as a weak exchange rate and sluggish business weighed on the credit reporting agency's revenue.

The company said its earnings fell to $59.7 million, or 47 cents per share, in the three months ended Sept. 30. That's down from $72.3 million, or 56 cents per share, in the same quarter last year.

Revenue fell nearly 7 percent to $451.9 million. Nearly half that decline was due to unfavorable currency exchange rates, the company said.

Adjusted third-quarter income was 57 cents per share. The figure excludes one-time items such as an amortization expense and restructuring charges.

Analysts surveyed by Thomson Reuters expected 55 cents per share on $452.1 million in sales, on average. Such estimates usually exclude one-time items.

Earlier Wednesday, the company said it inked a deal to acquire IXI Corp., a company that measures data about wealth and assets, for $124 million.

"Our business continues to perform well in a very challenging operating environment. Strong operating margins and the strength of our balance sheet enable us to pursue strategic acquisitions," CEO Richard F. Smith said in a statement.

The company also issued a fourth-quarter outlook in line with analyst estimates.

Shares on Wednesday fell 17 cents to close at $28.45. The stock has gained 8 percent since the start of the year.