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Mar 31, 2024
Equifax Q1 2024 Earnings Report
Equifax reported Q1 2024 revenue growth of 7% to $1.389 billion amid challenging mortgage market.
Key Takeaways
Equifax delivered strong first quarter results with revenue of $1.389 billion, up 7% year-over-year. The company's US mortgage business grew 6% despite a 19% decline in USIS mortgage credit inquiries. Non-mortgage business grew 9% in local currency.
First quarter 2024 revenue of $1.389 billion grew 7%, with 9% non-mortgage local currency revenue growth.
US mortgage revenue grew 6% in the first quarter despite a 19% decline in USIS mortgage credit inquiries.
Workforce Solutions first quarter revenue growth of 1%, with 7% non-mortgage revenue growth and Verification Services non-mortgage revenue growth of 15% led by Government.
USIS first quarter revenue growth of 10%, the strongest in three years, with 38% mortgage revenue growth and 1% non-mortgage revenue growth.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Equifax maintains its full-year 2024 guidance, expecting revenue of $5.720 billion, up 8.6%, and Adjusted EPS of $7.35.
Positive Outlook
- Maintaining full-year 2024 revenue guidance with a midpoint expectation of $5.720 billion, up 8.6%.
- Expecting strong non-mortgage local currency revenue growth of over 10%.
- Maintaining full-year 2024 Adjusted EPS guidance of $7.35.
- EBITDA margins are expected to expand to 33.3%.
- Confident in delivering strong non-mortgage revenue growth.
Challenges Ahead
- Guidance reflects an expectation of an 11% decline in 2024 U.S. mortgage credit inquiries.
- Expects a decline of about 13% in total U.S. mortgage market credit inquiries in Q2 2024.
- Cloud transformation efforts may cause operational disruptions and strain on resources.
- Potential risks associated with the use of certain artificial intelligence and machine learning models.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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