Rocket Companies RKT reported fourth-quarter and full-year financial results after Thursday's market close. Here are the key highlights for investors.
What Happened: Rocket Companies reported adjusted revenue of $2.4 billion in the quarter, which missed a consensus estimate of $2.63 billion, according to Benzinga Pro. For the full year, Rocket Companies reported adjusted revenue of $12.4 billion.
Rocket reported quarterly earnings of 32 cents per share, which missed the consensus estimate of 37 cents by 13.5%.
Mortgage origination closed loan volume came in at $75.9 billion in the fourth quarter, up 49% from the same period in 2019. Origination volume came in at $351 billion in fiscal 2021, up 10% from record 2020 levels.
“Rocket Mortgage had its best year ever in overall origination, with $351 billion in originations, while also setting a new record in home purchase volume,” said Rocket Companies CEO Jay Farner.
2021 was the company’s best year for purchase closed loan volume. The company’s newer Rocket Auto division had $1.9 billion in gross merchandise value in the fiscal year, more than double the total from the previous year.
What’s Next: Along with its earnings report, Rocket Companies announced its Board of Directors declared a special dividend of $1.01 per share. The dividend will be paid on March 22 to all shareholders as reported at the close of business on March 8.
Rocket Companies also announced it has purchased 20.7 million shares at an average price of $15.08 since the end of the fourth quarter. The share repurchases are part of a $1 billion repurchase program authorized in 2020.
The company announced first-quarter guidance for several metrics. Rocket Companies sees closed loan volume of between $52 billion and $57 billion. The company also sees net rate lock volume of between $50 billion and $57 billion for the first quarter.
RKT Price Action: Shares are down 1.3% to $11.41 in after-hours trading.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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