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    Home » Rocket (RKT) records the best Q1 in its history
    Earnings

    Rocket (RKT) records the best Q1 in its history

    Shushwi ShekharBy Shushwi ShekharMay 10, 2022Updated:May 10, 2022No Comments2 Mins Read
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    Rocket Companies, Inc. (NYSE: RKT) released its FY22 Q1 earnings on Tuesday after the market closed.

    Financial Highlights

    • Generated total revenue, net of $2.7 billion and Adjusted Revenue of $1.9 billion, which represents a 41% and a 52% decline compared to Q1’21 levels, respectively.  
    • Rocket Mortgage generated $54.0 billion in mortgage origination closed loan volume. Gain on sale margin was 3.01% and included one-time benefits due to the rapid move in bond markets, which increased gain on sale margin by 15 basis points.
    • Generated net income of $1.0 billion and Adjusted Net Income of $293 million. Our net income margin was 39% and our Adjusted Net Income margin was 15%.
    • Achieved Adjusted EBITDA of $450 million and Adjusted EBITDA margin was 23%.
    • Grew servicing book unpaid principal balance to $546 billion at March 31, 2022, roughly flat from December 31, 2021 and up 17% from March 31, 2021. As of March 31, 2022, our servicing portfolio includes 2.6 million clients and generates over $1.4 billion of recurring servicing fee income on an annualized basis.

    Reported vs. Estimated 

    EPS : diluted $0.40 vs $0.19 expected 

    Revenue : $2.671 Billion vs $2.32 Billion expected 

    Second Quarter 2022 Outlook

    • Closed loan volume of between $35 billion and $40 billion.
    • Net rate lock volume of between $31 billion and $38 billion.
    • Gain on sale margins of 2.60% to 2.90% 

    Earnings History 

    Rocket Companies last reported earnings on February 24th, 2022. The company reported $0.30 earnings per share for the quarter, falling $0.06 short of analysts’ consensus estimates of $0.36. The company’s revenue for the quarter was $2.59 billion, compared to analysts’ expectations of $2.62 billion. Its revenue for the quarter was down 44.6% year on year. Rocket Companies earned $2.33 per share in the previous year ($2.33 diluted earnings per share) and has a price-to-earnings ratio of 3.6. 

    Annual Forecast

    Rocket Companies’ earnings are expected to increase by 24.49% in the coming year, from $0.98 to $1.22 per share.

    Company Profile 

    Rocket Mortgage, Rocket Homes, Rocket Loans, Rocket Auto, Rock Central, Amrock, Core Digital Media, Rock Connections, Lendesk, and Edison Financial are among the personal finance and consumer service brands owned by Rocket Companies Inc and is headquartered in DETROIT.

    RKT stock Rocket Companies earnings
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    Shushwi Shekhar

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