The bid was revealed earlier this month and has been met with strong opposition from CoreLogic's board. CoreLogic has since stated that they are focused on “growing shareholder value” and are committed to maintaining “strong levels of operational performance.”
The company announced that their first quarter 2021 earnings per share nearly doubled from the same quarter the year before thanks to double-digit growth in its mortgage origination solutions segment, as well as acquisitions made last year.
Chief executive Frank Martell praised the company's resilience in the face of the pandemic, saying that they had successfully leveraged their data and analytics capabilities to offer an end-to-end digital mortgage experience that was key to allowing them to outperform the competition. His comments were echoed by Chief Financial Officer Anand Nallathambi, who credited the team's hard work and dedication for driving such strong growth.
In light of the strong first quarter, CoreLogic accelerated its full-year guidance range and now expects to report revenue growth of 11-14% over fiscal 2020. This is up from the 8-11% range it previously predicted.
Overall, CoreLogic continues to demonstrate strength in the face of a competitive threat and the ongoing challenges of the pandemic. Its ability to leverage its data and analytics capabilities to offer an end-to-end digital mortgage platform has allowed it to outpace the competition, leading to higher than expected earnings and an increase in full-year guidance. The company will be hoping to continue this momentum throughout 2021 and maintain its value in the face of the hostile takeover attempt.
This article was contributed on Oct 16, 2023
