CoreLogic raises revenue outlook for this year and 2021, affirms stock buyback plans

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CoreLogic Inc. raised its revenue outlook, for this year and next, citing increases in mortgage market volumes. The stock was still inactive in premarket trading. The property insights provider raised its revenue guidance ranges for the third quarter to $525 million to $535 million from $485 million to $515 million, for 2020 to $1.92 billion to $1.95 billion from $1.86 billion to $1.90 billion and for 2021 to $1.97 billion to $2.01 billion from $1.91 billion to $1.95 billion. The raised outlooks reflect mortgage market volumes for 2020 that are about 35% higher than last year and for 2021 that are expected to be 10% to 15% lower than projected 2020 levels. “We believe this strong performance demonstrates that we are at an inflection point and poised for further expansion of our trading multiple, which we expect will create significant additional value for our shareholders,” said Chief Executive Frank Martell. Separately, the company affirmed its plan to repurchase at least $500 million worth of its stock in 2020. The stock has run up 54.4% year to date, while the S&P 500 has gained 1.6%.
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