Rocket Companies (RKT) Misses Q2 EPS by 3c, Revs Miss

Rocket Companies (NYSE: RKT) reported Q2 EPS of $0.46, $0.03 worse than the analyst estimate of $0.49. Revenue for the quarter came in at $2.67 billion versus the consensus estimate of $2.92 billion.

"Our mortgage, real estate, auto and personal finance brands, powered by the tech-driven Rocket platform, delivered a strong second quarter," said Jay Farner, Vice Chairman and CEO of Rocket Companies.

"Our record purchase mortgage volume puts us well on the path to our goal of becoming the largest retail home purchase lender in the nation by the end of 2023. That strong momentum will carry us into the second half of the year, as we expect our 2021 mortgage origination closed loan volume to exceed 2020\'s record performance of $320 billion. Our newer businesses Rocket Homes, Rocket Auto and solar program leverage our existing platform and represent significant growth opportunities."

GUIDANCE:

We expect the following ranges in Q3 2021:

• Closed loan volume of between $82.0 billion and $87.0 billion.
• Net rate lock volume of between $83.0 billion and $90.0 billion.
• Gain on sale margins of 2.70% to 3.00%.

For earnings history and earnings-related data on Rocket Companies (RKT) click here.

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