Rocket Shares Fall After Q3 Revenue Miss: Details

Zinger Key Points

Rocket Companies, Inc. 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.

Read Next: Bitcoin Miners Hive Digital, Hut 8, Bitfarms To Report Earnings As Future Of Crypto ‘Has Never Been Brighter’

“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.

Read More: 

Photo: Shutterstock 

RKT Logo
RKTRocket Companies Inc
$13.212.64%

Stock Score Locked: Edge Members Only

Benzinga Rankings give you vital metrics on any stock – anytime.

Unlock Rankings
Edge Rankings
Momentum
35.65
Growth
16.14
Quality
Not Available
Value
Not Available
Price Trend
Short
Medium
Long
Market News and Data brought to you by Benzinga APIs
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise

Comments
Loading...