Economic news

Equifax sees 2024 revenue below estimates amid mortgage market slump

2024.02.07 18:58


© Reuters. Trading info and the corporate brand are displayed on a display the place the inventory is traded on the ground of the New York Stock Exchange (NYSE) in New York, U.S., September 8, 2017. REUTERS/Brendan McDermid/File Photo

(Reuters) – Credit scores agency Equifax (NYSE:) forecast 2024 revenue below Wall Street estimates on Wednesday, because the mortgage market continues to stay difficult in a higher-for-longer rate of interest setting.

The U.S. mortgage market has been hit by a slowdown over the previous 12 months as excessive rates of interest preserve debtors on the sidelines. Equifax’s mainstay items depend on prospects in search of credit score info to verify their mortgage eligibility.

The firm’s 2024 revenue forecast between $5.67 billion and $5.77 billion got here in below the mid-point Wall Street expectations of $5.74 billion, in response to LSEG knowledge.

Shares of the corporate fell 3.3% in prolonged buying and selling.

The steering for the yr displays an expectation of an over 16% decline in 2024 U.S. mortgage credit score inquiries, with the primary half of the yr anticipated to be weaker versus the second half, the corporate stated.

Equifax additionally expects current-quarter revenue between $1.38 billion and $1.4 billion, below analysts’ expectations of $1.41 billion, in response to LSEG knowledge.

In the fourth quarter, the corporate’s revenue rose 11% to $1.33 billion, beating estimates of $1.31 billion.

Adjusted revenue got here in at $1.81 per share within the three months ended Dec. 31, in contrast with Wall Street expectations of $1.75 per share.

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