Equifax on Wednesday posted a decline in net income and flat revenue as the mortgage market weakened in the U.S.
The company, which maintains credit reports on more than 200 million U.S. consumers and sells them to lenders, posted net income of $138.3 million, or $1.12 a share, for the second quarter ended June 30, down from $200.6 million, or $1.63 a share, a year earlier. Adjusted earnings were $1.71 a share, above analysts’ estimates of $1.68.
Revenue remained flat at $1.32 billion from a year earlier. Analysts polled by FactSet expected $1.33 billion.
“We expect the weaker than-expected U.S. mortgage market that we saw in June to continue, and we now expect full year mortgage originations to decline about 37%,” said Chief Executive Mark Begor.