Equifax Inc has announced financial results for the quarter ended March 31, 2009. The company reported revenue of $452.9 million in the first quarter of 2009, a 10% decrease from the first quarter of 2008, of which 6% was due to the unfavourable effect of foreign exchange rates.
First quarter 2009 net income was $54.4 million, down from $65.7 million in the prior year. Diluted earnings per share ("EPS") for the first quarter of 2009 was $0.43 compared to $0.50 in the same period of the prior year. On a non-GAAP basis, EPS, excluding the impact of acquisition-related amortization expense and a restructuring charge ("adjusted EPS"), was $0.58.
"First quarter results were solid in a very difficult environment," said Richard F. Smith, Equifax's Chairman and Chief Executive Officer. "As our senior executives continue to be deeply involved with our larger customers, it is clear that the current environment is significantly impacting customers' long term business strategies. Their strategies are changing and this will drive new opportunities as the recovery gets underway."
Total revenue was $210.0 million in the first quarter of 2009, a 10% decrease from the first quarter of 2008 and a slight increase from the fourth quarter of 2008.
- Online Consumer Information Solutions revenue was $137.2 million, down 13% from a year ago
- Mortgage Solutions revenue was $25.4 million, up 45%
- Credit Marketing Services revenue was $27.3 million, down 23%
- Direct Marketing Services revenue was $20.1 million, down 14%
Total revenue was $100.8 million in the first quarter of 2009, a 22% decrease from the first quarter of 2008. In local currency, revenue was down 2% when compared to the same period in the prior year. Compared to the first quarter of 2008:
- Latin America revenue was $45.9 million, up 7% in local currency, but down 14% in U.S. dollars
- Europe revenue was $33.1 million, down 8% in local currency and down 31% in U.S. dollars
- Canada consumer revenue was $21.8 million, down 7% in local currency and down 25% in U.S. dollars.
Operating margin for international was 28.7% in the first quarter of 2009, down from 30.5% in the first quarter of 2008 and up from fourth quarter operating margin of 27.0%
Second quarter 2009 outlook
Based on the current level of domestic and international business activity and current foreign exchange rates, Equifax expects consolidated revenue for the second quarter of 2009 to be comparable to up slightly when compared to the first quarter of 2009. Adjusted EPS is expected to be between $0.55 and $0.60.
(Source - Equifax Press Release)