(Source: Associated Press/AP Online)
ATLANTA - Equifax Inc. said Wednesday its third-quarter net income fell 17 percent, as a weak exchange rate and sluggish business weighed on the credit reporting agency's revenue.
The company said its earnings fell to $59.7 million, or 47 cents per share, in the three months ended Sept. 30. That's down from $72.3 million, or 56 cents per share, in the same quarter last year.
Revenue fell nearly 7 percent to $451.9 million. Nearly half that decline was due to unfavorable currency exchange rates, the company said.
Adjusted third-quarter income was 57 cents per share. The figure excludes one-time items such as an amortization expense and restructuring charges.
Analysts surveyed by Thomson Reuters expected 55 cents per share on $452.1 million in sales, on average. Such estimates usually exclude one-time items.
Earlier Wednesday, the company said it inked a deal to acquire IXI Corp., a company that measures data about wealth and assets, for $124 million.
"Our business continues to perform well in a very challenging operating environment. Strong operating margins and the strength of our balance sheet enable us to pursue strategic acquisitions," CEO Richard F. Smith said in a statement.
The company also issued a fourth-quarter outlook in line with analyst estimates.
Shares on Wednesday fell 17 cents to close at $28.45. The stock has gained 8 percent since the start of the year.
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