Equifax Reports Best Quarter Ever; Shares Jump By Investing.com

By Christiana Sciaudone

Investing.com — Equifax (NYSE:EFX) jumped 15% after reporting tip-top earnings for the first quarter.

The company gave strong guidance and reported profit of $1.97, compared to the expected $1.53, on the highest-ever sales of $1.2 billion, better than the forecast of $1.1 billion, and an increase of 27% year-over-year. 

Equifax benefited from strong demand for mortgages in the U.S., but has also seen growth in its non-mortgage business.

“We delivered a powerful start to the year with our fifth consecutive quarter of strong double-digit revenue growth and continued margin expansion, building on the momentum from our record 2020 results,” Chief Executive Officer Mark W. Begor. “We continue to execute on our EFX2023 strategy, leveraging the EFX Cloud to drive new products, innovation and growth.”

The company completed five acquisitions during the quarter.

Revenue growth for the second quarter is expected at between 16% and 18%, while earnings per share should come in at between $1.60 and $1.70.