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Rocket Companies’ Q1 Revenue and EPS Falls as Refinances Strengthen

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Rocket Companies posted lower adjusted revenue of $1.9 billion in the first quarter, compared to revenue of $4.04B in the same quarter of the prior year.

Source: Rocket Companies

RKT down -9.09%, CFG down -0.44%, pre-market trading

The company reported earnings per share of 15 cents per share compared to earnings of 91 cents per share in the same quarter last year.

Mortgage closed loan originations amounted to $54 billion in the first quarter, down from $103.53 billion in the prior year’s first quarter.

Jay Farner, CEO of Rocket Companies, stated that the company delivered a strong performance in Q1 and achieved the best Q1 volume in the purchase and cash-out refinances even as rates rose sharply.

The company’s Rocket Auto segment had a gross merchandise value of $445M in the quarter, a 24% jump year-over-year.

Rocket Companies is expecting Q2 closed loan volume to come in a range of $35B to $40B. The company anticipates the net rate lock volume standing in a range of $31B to $38B for Q2.

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