34.43
Atlanta
Equifax has announced financial results for the quarter ended September 30, 2024.
"Equifax had a strong third quarter against our EFX2026 strategic priorities delivering revenue of $1.442 billion, up a strong 9%. Our non-mortgage business, which was about 80% of Equifax revenue in the third quarter, delivered very strong broad-based 10% local currency revenue growth, from continued significant new product performance with a New Product Vitality Index of 13% and 100% of new models and scores built using AI and ML. Workforce Solutions delivered 9% non-mortgage revenue growth, driven by very strong 19% non-mortgage Verification Services revenue growth led by the Government and Talent Solutions businesses. Employer Solutions revenue declined 19% in the quarter. USIS delivered non-mortgage revenue growth of 5% as the team completed the full migration of our USIS Consumer Credit and Telco and Utilities Exchanges to the Cloud in the third quarter. International delivered strong 12% organic local currency revenue growth, led by Latin America and Europe. Our U.S. mortgage businesses grew 17% with USIS mortgage credit inquiries up 1%. USIS had strong 36% growth in mortgage revenue with Workforce Solutions mortgage revenue up 4%," said Mark W. Begor, Equifax Chief Executive Officer.
"We have strong momentum in 2024 and are confident in the future of the New Equifax as we deliver strong non-mortgage revenue growth, move towards completion of our Cloud migrations, leverage our new Cloud capabilities to accelerate new product roll-outs that 'Only Equifax' can provide, and invest in new products, data, analytics, and EFX.AI capabilities which are expected to drive growth in 2024 and beyond. We are energized about the New Equifax and remain confident in our long-term 8-12% revenue growth framework that is expected to deliver higher margins and accelerating free cash flow."
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