Equifax Inc (NYSE:EFX) stock fell 2.68% (As on October 17, 11:20:25 AM UTC-4, Source: Google Finance) after the company expects full-year revenue below Wall Street estimates, as higher-for-longer interest rates continued to weigh on loan demand and kept the mortgage market stagnant. Net income attributable to Equifax of $141.3 million was down 13% in the third quarter of 2024 compared to $162.2 million in the third quarter of 2023. The Workforce Solutions segment saw revenue rise 7% to $620 million, driven by 14% growth in Verification Services. USIS revenue increased 12% to $476.9 million, boosted by 36% growth in mortgage revenue. International revenue grew 9% on a reported basis to $344.9 million. Equifax’s U.S. mortgage business grew 17% in the quarter, with USIS mortgage credit inquiries up 1%. The company maintained its long-term revenue growth target of 8-12%.

Moreover, Verification Services revenue was $524.9 million, up 14% compared to the third quarter of 2023. Employer Services revenue was $95.1 million, down 19% compared to the third quarter of 2023. Online Information Solutions revenue was $381.1 million, up 9% compared to the third quarter of 2023. Mortgage Solutions revenue was $38.0 million, up 39% compared to the third quarter of 2023. Financial Marketing Services revenue was $57.8 million, up 14% compared to the third quarter of 2023. Latin America revenue was $96.7 million, up 21% compared to the third quarter of 2023 on a reported basis and up 58% on a local currency basis. Europe revenue was $94.9 million, up 11% compared to the third quarter of 2023 on a reported basis and up 9% on a local currency basis. Asia Pacific revenue was $88.5 million, up 4% compared to the third quarter of 2023 on a reported basis and up 2% on a local currency basis.

EFX in the third quarter of FY 24 has reported the adjusted earnings per share of $1.85, beating the analysts’ estimates for the adjusted earnings per share of $1.84. The company had reported the adjusted revenue growth of 9 percent to $1.44 billion in the third quarter of FY 24, which is inline with the analysts’ estimates for revenue of $1.44 billion. Adjusted EBITDA margin was 32.7% in the third quarter of 2024 compared to 33.1% in the third quarter of 2023.

The company, which assesses the creditworthiness of home buyers, expects adjusted revenue for the full year between $5.70 billion and $5.72 billion, below average analysts’ estimate of $5.74 billion.

The company forecast Q4 EPS of $2.08-$2.18, below the $2.20 consensus. It also projected Q4 revenue of $1.44-1.46 billion, short of analysts’ $1.48 billion estimate.