Fintech platform company Rocket Companies (NYSE:RKT) reported second-quarter financial results after market close Thursday.
Here are the highlights.
What Happened: Rocket reported adjusted revenue of $1.34 billion, beating a Street consensus estimate of $1.28 billion according to data from Benzinga Pro.
The company reported adjusted earnings per share of four cents, beating a Street consensus estimate of three cents per share.
Rocket Mortgage had $28.4 billion in net rate lock volume in the quarter, up 13% year-over-year. The company had $29.1 billion in closed loan origination volume in the quarter, up 18% year-over-year.
The company's gain on sale margin was 2.80% in the quarter, down 19 basis points year-over-year.
Rocket ended the quarter with $9.1 billion in total liquidity, including $5.1 billion in cash on the balance sheet.
"Rocket delivered a standout second quarter, exceeding the high end of guidance with $1.34 billion in adjusted revenue and delivering adjusted diluted EPS of $0.04," Rocket CEO Varun Krishna said.
Read Also: Rocket Companies Is Citron’s ‘Call of the Year,’ Dubbed The ‘Amazon Of Housing’
What's Next: Rocket is guiding for third quarter revenue to be in a range of $1.60 billion to $1.75 billion, versus a Street estimate of $1.50 billion, according to data from Benzinga Pro.
The company's guidance includes a full quarter of consolidated financial results from Redfin, which Rocket acquired.
“Successfully closing the Redfin transaction marks a proud milestone in our legacy," Krishna said. "We're already seeing early signs of what's possible with Rocket and Redfin together: our purchase funnel is expanding, conversion rates are rising, and Redfin clients are beginning to close with Rocket."
RKT Price Action: Rocket stock is up 4.94% to $15.50 in after-hours trading Thursday versus a 52-week trading range of $10.06 to $21.38.
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