Rocket's Shares Fall Almost 11% After Posting 1Q Results
May 05 2021 - 5:04PM
Dow Jones News
By Allison Prang
Shares of Rocket Cos., the parent of Rocket Mortgage, fell
almost 11% in after-hours trading with the company logging its
first-quarter results.
The company reported earnings attributable to Rocket of $123.7
million, while a year earlier, the company broke even. Earnings
this quarter were $1.07 a share.
Adjusted earnings were 89 cents a share. According to FactSet,
analysts were expecting 90 cents a share.
The company reported $4.58 billion of net revenue, up from $1.37
billion a year ago. Adjusted revenue was $4.04 billion, higher than
$2.11 billion a year ago.
Closed loan origination volume was $103.53 billion.
The company saw its highest ever purchase application volume in
March for its mortgage business, Chief Executive Jay Farner said in
prepared remarks.
Rocket said it expects between $82.5 billion and $87.5 billion
in closed loan volume for the second quarter. It expects net rate
lock volume for this quarter to be between $81.5 billion and $88.5
billion. The company also expects its gain on sale margins to be
between 2.65% and 2.95%.
Shares were down 10.7% at $20.36 a share in after-hours
trading.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
May 05, 2021 16:49 ET (20:49 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Rocket Companies (NYSE:RKT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Rocket Companies (NYSE:RKT)
Historical Stock Chart
From Apr 2023 to Apr 2024