CoreLogic reports higher 2Q earnings, revenue

CoreLogic posts higher 2nd-quarter net income as revenue grows

Associated Press

SANTA ANA, Calif. (AP) -- Data analytics and business services provider CoreLogic Inc. said Monday that its second-quarter net income grew 35 percent, helped by higher revenue in all of its segments and by ongoing cost-cutting measures.

The company earned $42.7 million, or 40 cents per share, in the April-June period. That's up from $31.5 million, or 29 cents per share, in the same period a year earlier.

Revenue rose 19 percent to $389.4 million from $328.4 million.

Analysts, on average, expected earnings of 37 cents per share on revenue of $374.1 million, according to FactSet.

CoreLogic plans to cut expenses by $60 million this year and by another $20 million next year. It said the cuts will be mainly through workplace reductions, outsourcing and cuts in real estate spending. It cut about $35.1 million in expenses in the first half of the year.

Total operating expenses were $321.8 million in the second quarter, up from $309.6 million in the second quarter of 2011.

Shares of the Santa Ana, Calif.-based company rose 29 cents to $21.05 in after-hours trading. The stock closed down 13 cents at $20.76 in the regular session.

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