Core Logic reported financial results for the quarter ending March 31, 2019, the company announced in a release.
The company posted revenues of $418 million, down 6 percent from a year ago, primarily reflecting the impacts of an estimated 10 percent to 15 percent drop in mortgage volumes and lower revenues attributable to appraisal management company (AMC) operations and non-core mortgage and default technology related platforms.
“Operating and net income from continuing operations were $21 million and $2 million, 52 percent and 94 percent below prior-year levels, driven by the impacts of lower revenues and higher costs related to productivity programs and efficiency actions,” the company stated in the release.
Though results were lower, President and CEO Frank Martell said CoreLogic was off to a strong start in 2019.
“We delivered solid financial results, highlighted by adjusted EBITDA above our expected range, despite significant mortgage market headwinds. We also reduced our run-rate costs significantly and drove productivity. In addition, we pressed forward with our AMC transformation and the exit of non-core mortgage and default technology units," Martell said in the release. “As market leaders, we are continuing to reinvest in our business with a focus on building our core capabilities in data and technology, which we expect will be a foundation for future growth and margin expansion.”