Equifax Trims Annual Forecast as Mortgage Market Stagnates

The company now projects annual revenue between $6.65 billion and $6.68 billion, retreating from its previous guidance of $6.71 billion to $6.78 billion. This revision falls short of analyst consensus, which had hovered around $6.72 billion. Chief Executive Mark Begor noted that the weakness observed throughout the latter half of the third quarter shows no signs of abating, prompting a more cautious stance for the remainder of the year.

Despite the downward revision, Equifax reported a strong third quarter. Net income climbed to $211.7 million, or $1.79 a share, compared to $160.2 million in the same period last year. Adjusted earnings of $2.26 a share managed to beat analyst expectations of $2.20. However, the momentum behind this performance is being tempered by the fourth-quarter outlook, where revenue is projected at $1.61 billion to $1.64 billion. This forecast sits below the $1.68 billion analysts anticipated, reflecting the ongoing drag from the cooling housing market.