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Equifax Reports Third Quarter 2013 Results

Stocks in this article: EFX

ATLANTA, Oct. 23, 2013 (GLOBE NEWSWIRE) -- Equifax Inc. (NYSE:EFX) today announced financial results for the quarter ended September 30, 2013. The company reported revenue from continuing operations of $572.0 million in the third quarter of 2013, a 10 percent increase from the third quarter of 2012 and an 11 percent increase in local currency.

Third quarter diluted EPS from continuing operations attributable to Equifax was $0.71, an increase of 14 percent from the third 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 $0.90, up 21 percent from the third quarter of 2012.

"Our third quarter performance was solid and consistent with our 2013 full year expectations," said Richard F. Smith, Equifax's Chairman and Chief Executive Officer. "Four business units delivered double digit, constant currency revenue growth while our three largest business units expanded their operating margins. We have a strong team and are executing well on our strategic initiatives and operating objectives. Our organic, core non-mortgage market revenue growth accelerated again in the third quarter above our long-term target. As we enter the fourth quarter, this momentum positions us to successfully deliver on our full year guidance."

Third Quarter 2013 Highlights

  • In addition to the financial highlights noted above, third quarter 2013 net income from continuing operations attributable to Equifax was $88.9 million, a 16 percent increase from the prior year.  
  • Operating margin was 27.6 percent for the third quarter of 2013, compared to 25.1 percent in the third quarter of 2012.  
  • We repurchased 0.2 million of our common shares on the open market for $11.9 million during the third quarter of 2013. At September 30, 2013, our remaining authorization for future share repurchases was $215.1 million.  
  • Total debt at September 30, 2013 was $1.4 billion, down $287 million from December 31, 2012.

U.S. Consumer Information Solutions (USCIS)

Total revenue was $253.1 million in the third quarter of 2013 compared to $219.8 million in the third quarter of 2012, an increase of 15 percent. 

  • Online Consumer Information Solutions revenue was $183.8 million, up 14 percent from a year ago.
  • Mortgage Solutions revenue was $28.4 million, up 15 percent from a year ago.
  • Consumer Financial Marketing Services revenue was $40.9 million, up 23 percent when compared to a year ago.

Operating margin for USCIS was 40.9 percent in the third quarter of 2013 compared to 40.1 percent in the third quarter of 2012. 

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