Equifax Inc. (NYSE:EFX) stock fell 2.04% (As on July 21, 11:43:36 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the second quarter of FY 22. The non-mortgage business, which is over 75% of Equifax, delivered very strong constant dollar revenue growth of 22% reflecting broad-based strength across the businesses. The largest and fastest-growing business, Workforce Solutions, again powered the results, with total growth of over 21%, driven by stronger than expected non-mortgage revenue growth of over 50%. International also delivered very strong local currency revenue growth of 11.5%. USIS revenue declined 7.5%, due to the expected decline in mortgage revenue. USIS non-mortgage revenue growth was weaker than expected at 4%, despite delivering strong non-mortgage B2B online revenue growth of 9%. Net income attributable to Equifax of $200.6 million was down 7 percent in the second quarter of 2022 compared to net income attributable to Equifax of $215.1 million in the second quarter of 2021.

EFX in the second quarter of FY 22 has reported the adjusted earnings per share of $2.09, beating the analysts’ estimates for the adjusted earnings per share of $2.03. The company had reported the adjusted revenue growth of 7 percent to $1.32 billion in the second quarter of FY 22, which is inline with the analysts’ estimates for revenue of $1.32 billion.

Moreover, Operating margin for Workforce Solutions was 46.2 percent in the second quarter of 2022 compared to 53.0 percent in the second quarter of 2021. Adjusted EBITDA margin for Workforce Solutions was 53.4 percent in the second quarter of 2022 compared to 57.5 percent in the second quarter of 2021. Verification Services revenue was $504.5 million, up 28 percent compared to the second quarter of 2021. Employer Services revenue was $104.7 million, down 3 percent compared to the second quarter of 2021.

For the current quarter ending in October, Equifax expects its per-share earnings to range from $1.60 to $1.70. Analysts surveyed by Zacks had forecast adjusted earnings per share of $2.17. The company said it expects revenue in the range of $1.21 billion to $1.23 billion for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $1.32 billion.

Equifax expects full-year earnings in the range of $7.55 to $7.80 per share, with revenue ranging from $5.07 billion to $5.13 billion.