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Equifax Reports Strong Second Quarter 2013 Results

Stocks in this article: EFX

ATLANTA, July 24, 2013 (GLOBE NEWSWIRE) -- Equifax Inc. (NYSE:EFX) today announced financial results for the quarter ended June 30, 2013. The company reported revenue from continuing operations of $586.9 million in the second quarter of 2013, a 14 percent increase from the second quarter of 2012.

Second quarter diluted EPS from continuing operations attributable to Equifax was $0.73, an increase of 22 percent from the second quarter of 2012. On a non-GAAP basis, adjusted EPS attributable to Equifax, excluding the impact of acquisition-related amortization expense, net of associated tax impacts, was $0.92, up 28 percent from the second quarter of 2012.

"Broad-based performance, including double digit revenue growth and expanded operating margins, drove our strong financial results in the second quarter," said Richard F. Smith, Equifax's Chairman and Chief Executive Officer. "With the integration of the CSC acquisition nearly complete and accelerating growth in our core, non-mortgage activities and our strategic initiatives, I am highly confident in our full year guidance."

Second Quarter 2013 Highlights

  • In addition to the financial highlights noted above, second quarter 2013 net income from continuing operations attributable to Equifax was $90.5 million, a 22 percent increase from the prior year.  
  • Operating margin was 26.9 percent for the second quarter of 2013, compared to 25.1 percent in the second quarter of 2012.  
  • Total debt at June 30, 2013 was $1.5 billion, down $225.1 million from December 31, 2012.

U.S. Consumer Information Solutions (USCIS)

Total revenue was $259.7 million in the second quarter of 2013 compared to $217.6 million in the second quarter of 2012, an increase of 19 percent. 

  • Online Consumer Information Solutions revenue was $184.8 million, up 17 percent from a year ago.
  • Mortgage Solutions revenue was $32.5 million, up 38 percent from a year ago.
  • Consumer Financial Marketing Services revenue was $42.4 million, up 17 percent when compared to a year ago.

Operating margin for USCIS was 40.2 percent in the second quarter of 2013 which is flat when compared to the second quarter of 2012. 

International

Total revenue was $129.8 million in the second quarter of 2013, a 9 percent increase from the second quarter of 2012 and a 12 percent increase on a local currency basis.

  • Latin America revenue was $48.6 million, up 11 percent in local currency and 5 percent in U.S. dollars from a year ago. 
  • Europe revenue was $47.1 million, up 16 percent in local currency and 14 percent in U.S. dollars from a year ago. 
  • Canada Consumer revenue was $34.1 million, up 9 percent in local currency and 7 percent in U.S. dollars from a year ago.

Operating margin for International was 28.7 percent in the second quarter of 2013 compared to 29.2 percent in the second quarter of 2012. 

Workforce Solutions

Total revenue was $123.2 million in the second quarter of 2013, a 12 percent increase over the second quarter of 2012. 

  • Verification Services revenue was $76.7 million, up 21 percent when compared to a year ago.
  • Employer Services revenue was $46.5 million, flat when compared to a year ago.

Operating margin for Workforce Solutions was 31.1 percent in the second quarter of 2013 compared to 24.2 percent in the second quarter of 2012. 

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