CoreLogic Lifts Revenue Outlook, Affirms Share Buyback - TheStreet

CoreLogic Lifts Revenue Outlook, Affirms Share Buyback

CoreLogic lifts 2020 guidance, reflecting roughly 35% higher U.S. mortgage-market volumes.
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Real estate research firm CoreLogic  (CLGX) - Get Report on Tuesday raised its outlook for this year and 2021, citing increases in mortgage market volumes.

Shares of the Irvine, Calif., company at last check were up 1.1% to $68.23.

CoreLogic said in a statement that it was raising its revenue-guidance range for the third quarter to $525 million to $535 million from between $485 million and $515 million.

In addition, the company boosted its revenue outlook for 2020 to $1.92 billion to $1.95 billion from $1.86 billion to $1.9 billion. 

For 2021 it expects revenue of $1.97 billion to $2.01 billion, compared with a previous estimate of $1.91 billion to $1.95 billion. 

The 2020 guidance reflects U.S. mortgage-market volumes roughly 35% higher than they were a year earlier and includes CoreLogic’s reseller operations, the company said. 

The company also confirmed its commitment to repurchase at least $500 million in common shares during 2020, $300 million in 2021 and $200 million in 2022.

"With just over three months left in 2020, we believe CoreLogic is firmly on track to deliver record operating and financial performance this year and set the stage for additional value creation in 2021 and beyond," Frank Martell, president and CEO, said in the company statement.

Separately, CoreLogic filed a proxy statement with the Securities and Exchange Commission regarding its Nov. 17 special shareholders meeting.

The company called on investors to vote against a proposal by Cannae Holdings  (CNNE) - Get Report and Senator Investment Group to replace nine of the company's directors.

In June, Cannae and Senator Investment, which jointly own about 15% of CoreLogic's shares outstanding, submitted an unsolicited bid for the company valued at about $5.16 billion. 

At that time, Cannae Holdings' CEO, Richard Massey, and Senator Partner Quentin Koffey wrote to the board, saying "we would seek to reignite growth at CoreLogic, increasing operating efficiency, and improve overall allocation of scarce capital resources.”