Solera Profits Down in Second Quarter
Feb. 11, 2013—Solera Holdings Inc., a provider of software and services to the automobile insurance claims processing industry, reported a 30 percent drop in earnings for its fiscal second quarter.
For the period ending Dec. 31, 2012, Solera reported a profit of $19.8 million, down from $28.2 million a year earlier. The company attributed the drop to higher acquisition-related costs and additional interest expenses.
However, adjusted earnings and revenue exceeded expectations; revenue for the second quarter was more than $209 million, up 7.2 percent from the second quarter of 2011.
The company has raised its full-year outlook, and now expects revenues to be in the range of $829 million to $835 million.