Equifax (NYSE:EFX) shares rose 11.5% by 11:25 a.m. ET on Tuesday after the company reported Q3 results above expectations: adjusted EPS of $2.26 versus analysts' forecast of $2.20, with sales in line with the $1.69 billion estimate. Revenue grew 10% in the quarter, led by a 15% rise in U.S. mortgage revenue and a 20% jump in talent solutions (employee background checks); net income climbed 32% and GAAP EPS rose 39% to $1.79. However, Equifax cut its full-year revenue guidance because high interest rates are dampening mortgage demand; the midpoint projects about $6.66 billion in revenue (9.6% growth) and adjusted EPS of about $8.50. Year-to-date free cash flow reached $763 million, about 33% above net income. The author views the roughly 21.5x current-year earnings valuation as somewhat expensive against projected 12% long-term earnings growth and says they won't chase the rally.
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