Rocket Cos. shares sink despite swinging to a profit, record loan originations

Rocket Cos. shares sink despite swinging to a profit, record loan originations

Rocket Companies’ shares fell sharply in the extended session Wednesday after its first post-IPO results missed Wall Street estimates even though it swung to a profit from the year-ago period and posted record closed-loan-origination volume amid low interest rates. Shares of the parent company of mortgage-lending giant Quicken Loans fell as much as 8% in after-hours trading, after closing nearly 2% higher, to $31.31, in the regular session. Rocket Cos. RKT, +1.95%, which went public last month, reported second-quarter net income of $3.46 billion versus a loss of $54 million in the year-ago period. Adjusted net income was $2.85 billion, adjusted for income-tax expenses and stock compensation. Revenue surged to $5.03 billion from $937 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $1.43 a share on revenue of $5.27 billion. The company, whose closed-loan-origination volume of $72.3 billion for the quarter represented a 126% increase from the same period a year ago, did not provide per-share figures in its earnings release. Rocket Cos. also reported net-rate lock volume of $92 billion, up 170% compared with the year-ago period.


Originally published on MarketWatch

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