Equifax Experiences Moderate Revenue Growth Amidst Varied Segment Performance
Segments of Revenue
Equifax's operating revenue for the latest quarter was $1.32 billion, a 6% increase from the $1.24 billion reported in the same period of the previous year. The revenue growth was driven by different segments of the company. The Asia Pacific segment saw a 2% increase in revenue due to stronger volumes within fraud, consumer, and employment verification services. Verification Services reported a 1% increase in revenue due to growth in non-mortgage verticals, particularly government and talent solutions verticals. The Employer Services segment reported a 13% increase in revenue, attributed to revenue from recently acquired companies and I-9 and onboarding services.
Equifax's strengths lie in its ability to drive revenue growth across various segments. The company's Asia Pacific segment performed well, with stronger volumes within fraud, consumer, and employment verification services. The Verification Services segment also saw growth in non-mortgage verticals, particularly government and talent solutions verticals. The Employer Services segment also performed well, with significant revenue growth attributed to recently acquired companies and I-9 and onboarding services.
Despite the overall revenue growth, Equifax faced challenges in some segments. The Verification Services segment saw a decrease in mortgage revenue, and the Asia Pacific segment experienced a decline in commercial. The company also faced negative impacts from local currency fluctuations against the U.S. dollar in the Asia Pacific segment, which decreased revenue by $3.4 million or 4%.
It is worth noting that the company did not repurchase any shares from public market transactions during the first nine months.
Overall, Equifax experienced moderate revenue growth in the latest quarter, reporting an operating revenue of $1.32 billion, up 6% from the previous year. This growth was driven by stronger performances in the Asia Pacific, Verification Services, and Employer Services segments. However, the company faced some challenges, including a decrease in mortgage revenue and negative impacts from local currency fluctuations.