NEW YORK - TransUnion (NYSE: NYSE:TRU) has surpassed Wall Street expectations for the first quarter of 2024, reporting a milestone revenue of $1.02 billion, marking the company's first-ever billion-dollar revenue quarter.
The global credit and information management company's earnings per share (EPS) of $0.92 also exceeded the analyst estimate of $0.81. This performance represents a 9% increase in revenue compared to the same quarter last year, primarily driven by growth in the U.S. mortgage sector and expansion in international markets and emerging verticals.
Chris Cartwright, President and CEO of TransUnion, attributed the company's robust results to growth in U.S. markets, particularly in mortgage and emerging verticals like Insurance and Media. He also highlighted the double-digit growth in international markets, led by strong performances in India, Canada, and the Asia Pacific region.
Cartwright said, "TransUnion exceeded first-quarter financial guidance, delivering the first $1 billion revenue quarter in our history. We made important progress in our transformation program, adding significant headcount to further build out our Global Capability Center network and consolidating key applications onto our OneTru platform."
Looking ahead, TransUnion is raising its financial guidance for 2024, now expecting to achieve a revenue growth of 5 to 6.5% for the year. The company's guidance for the second quarter of 2024 projects EPS to be between $0.95 and $0.98, above the consensus estimate of $0.90.
Revenue for the upcoming quarter is forecasted to be between $1.017 billion and $1.026 billion, also surpassing the consensus estimate of $1.01 billion.
The company's confidence in its financial outlook is bolstered by the significant milestones achieved in its transformation program, which includes the expansion of its Global Capability Centers and the migration of key applications to the OneTru platform.
These strategic moves are expected to contribute to the company's savings commitments and accelerate the pace and scope of innovation.
Cartwright further commented on the company's strategic direction, "These actions add to our confidence in delivering against our savings commitments while increasing the pace and breadth of our innovation. We remain focused on driving strong results in a low-growth market environment, with no assumed in-year benefits from interest rate cuts."
TransUnion's financial report and optimistic guidance reflect its successful execution of strategic initiatives and its ability to thrive in a challenging market. The company continues to focus on driving growth and delivering value to its stakeholders.
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