Rocket Companies, Inc. (NYSE: RKT) – Rocket Companies falls on Q1 No BPA, revenue beating
The parent company of Rocket Mortgage and Quicken Loans announced its first quarter results after the close on Wednesday.
What happened: Rocket Companies Inc. of (NYSE: RKT) first quarter Adjusted revenue of $ 4 billion increased 91% year-over-year, beating consensus estimates of $ 3.97 billion.
Earnings per share of 89 cents per share is slightly lower than analysts’ estimate of 90 cents.
Closed loan origination volume reached $ 103.5 billion in the quarter. The first quarter was the strongest first quarter in company history for closed loan volume purchased. In March, the company recorded its highest volume of purchase requisitions on record.
Average visitors to the company’s Rocket Homes website saw a 300% year-over-year increase.
Over 45,000 real estate agents have now signed up for Rocket Pro Insight, an increase of 220% quarter over quarter.
The company’s new Rocket Auto segment recorded 13,600 unit sales, representing 65% year-over-year growth. Rocket partnered with AutoFi in the first quarter, giving the company access to more than 2,000 partner dealers for the Rocket Auto segment.
Related Link: Rocket Companies CEO Minimizes Interest Rate Rise
And after: Rocket Companies predicts second-quarter closed loan volume to be between $ 82.5 billion and $ 87.5 billion. The company reports net rate foreclosure volume of between $ 81.5 billion and $ 88.5 billion.
“Our steering wheel just continues to accelerate as we look forward to the second quarter and the rest of 2021,” the company said.
RKT price action: Rocket Companies shares are down 11% to $ 20.25 after hours. The shares closed 1.38% higher at $ 22.80 during the regular trading session.
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