Rocket Shares Fall After Q3 Revenue Miss: Details - Rocket Companies (NYSE:RKT)

Rocket Companies, Inc. (NYSE:RKT) reported its third-quarter results after Tuesday's closing bell. Here's a look at the key figures from the quarter.

The Details: Rocket Companies reported quarterly earnings of eight cents per share, which met the analyst consensus estimate. Quarterly revenue of $647 million missed the analyst consensus estimate of $1.28 billion and is a decrease from sales of $1 billion from the same period last year.

Rocket Mortgage generated $29.8 billion in net rate lock volume, a 43% increase over the same period of the prior year.
Rocket Mortgage generated $28.5 billion in closed loan origination volume, a 28% increase over the same period of the prior year.
Gain on sale margin was 2.78%, an increase of 2 bps over the same period of the prior year.
Total liquidity was $8.3 billion, as of Sept. 30, 2024, which includes $1.2 billion of cash on the balance sheet, $1.8 billion of corporate cash used to self-fund loan originations, $3.3 billion of undrawn lines of credit, and $2 billion of undrawn MSR lines of credit.

“We delivered strong third-quarter results, expanding purchase and refinance market share, and increasing adjusted revenue by 32% year-over-year. Our adjusted EBITDA was the highest in two years,” said Varun Krishna, CEO and director of Rocket Companies.

“These achievements highlight the strength and resilience of the Rocket Superstack — our competitive advantage that combines our ecosystem, experience, technology and brand. We’ve demonstrated that whatever the market brings, we will drive a bright future in helping more Americans achieve the dream of homeownership,” Krishna added.

RKT Price Action: According to Benzinga Pro, Rocket shares are down 10.49% after-hours at $13.91 at the time of publication Tuesday.

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RKTRocket Companies Inc

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