Equifax Q1 Earnings Top Estimates, Says Confident In Its Long-Term Growth Framework - Equifax (NYSE:EFX)

Equifax Inc EFX reported first quarter 2023 revenues of $1.30 billion, down 4% Y/Y, beating the consensus of $1.28 billion.
Workforce Solutions revenues declined 8% Y/Y to $596.3 million due to a decrease of 11% Y/Y in Verification Services revenue.
Workforce Solutions non-mortgage revenue grew 11% Y/Y on solid growth in Government and Talent Solutions business.
US Information Solution revenues fell 3% Y/Y to $421.7 million on lower revenues from Online Information Solutions business.
US Information Solution B2B non-mortgage revenue rose 8% Y/Y, with strong online non-mortgage revenues.
International revenues rose 1% Y/Y to $284.0 million on increased revenues from all geographies except Europe.
The company witnessed strong new product performance, with Vitality Index of 13%.
In Q1, EFX inked a deal to acquire Boa Vista Serviços.
Adjusted EBITDA margin contracted to 29.2% from 35.5% year ago.
Adjusted EPS declined 36% Y/Y to $1.43, above the consensus of $1.37.
Outlook: EFX expects Q2 revenue of $1.31 billion-$1.33 billion (consensus $1.34 billion) and adjusted EPS within $1.60-$1.70 (estimate $1.81).
For 2023, it continues to see revenues of $5.275 billion - $5.375 billion (consensus $5.32 billion) and adjusted EPS of $7.05-$7.35 (consensus $7.16).
"We are energized about the New Equifax and remain confident in our long-term 8-12% growth framework that will deliver higher margins and free cash flow," said Mark W. Begor, CEO.
The company said it is on track to deliver planned $200 million in spending reductions in 2023, including $120 million in expense and $80 million in capital spending reductions.
Price Action: EFX shares closed higher by 0.06% at $194.91 on Wednesday.

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