SANTA ANA, Calif. (AP) — Data aggregator CoreLogic Inc. said Thursday that its second-quarter net income rose as the company’s revenue declined but it benefited from a large gain related to its recent acquisition of the remaining 60 percent of Australian real estate information company RP Data Ltd.
In the April-June period the company’s earnings rose to $31.5 million, or 29 cents per share, from $24.4 million, or 22 cents per share, in the year-ago quarter. In the most recent quarter, CoreLogic received a boost of $58.9 million from its initial investment in RP Data, which collects property data in Australia and New Zealand.
CoreLogic paid $157.2 million in May for the remaining portion of RP Data that it didn’t already.
The results beat estimates of analysts polled by FactSet, who expected 25 cents per share.
Revenue fell nearly 4 percent to $396 million. Analysts were expecting nearly $399 million.
CoreLogic said its data and analytics revenue climbed 6 percent to $200 million, helped by revenue from RP Data, while business and information services revenue fell 12 percent to $200 million.