Equifax profit up 10 percent in third quarter
Equifax, one of the nation’s three major credit information providers, said its profits rose 10 percent in the third quarter, to $92.7 million, with the help of growth in most of its business units in the U.S. and overseas.
Excluding the cost of a $7.9 million legal settlement with a software company during the quarter and extra expenses from acquisitions earlier in the year, Equifax said it earned $1.01 a share during the quarter, exceeding Wall Street analysts’ estimates of 98 cents a share. Without those adjustments, Equifax’ third-quarter profit was 75 cents a share.
“Net, net, it was a very strong quarter,” said Jeff Dodge, senior vice president for investor relations at the Atlanta company.
He said a lower overall tax rate helped offset “headwinds” from a weak economy in Europe and a stronger U.S. dollar, which caused revenues and profits from its overseas units to be lower when converted to dollar terms.
Equifax said its revenues were $613 million in the third quarter ended Sept. 30, about 7 percent higher than the year-ago quarter. The firm expects fourth-quarter revenues to total $615 million to $620 million, compared to $578 million last year.
