Rocket Companies Revenue Up 163% In Record Q3, , on November 10, 2020 at 9:30 pm

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On November 10, 2020
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Rocket Companies Inc (NYSE: RKT) reported third-quarter earnings after the close on Tuesday.Q3 Earnings: The parent company of Rocket Mortgage and Quicken Loans reported adjusted revenue of $4.74 billion for the third quarter, which was up 163% year-over-year and beat the $4.55 billion target from Wall Street analysts.Adjustec earnings per share came in at $1.21, beating the consensus estimate of $1.07.Closed origination volume increased 122% year-over-year to a record $89 billion.The company saw net rate lock volume of $94.7 billion in the third quarter, year-over-year growth of 101%. Direct to consumer revenue grew 120% year-over-year to $3.33 billion. “Rocket Companies assisted more clients in the third quarter of 2020 than any quarter in our 35-year history,” said CEO Jay Farner.Related Link: Why Cramer Says A Biden Win Is Bullish For Rocket CompaniesView more earnings on RKTPartner Network Strong: Rocket Companies has signed several partnerships to boost its partner network.Third-quarter partner fund loan volume increased 127% year-over-year to $29.6 billion. The gain on sale margin for the partner network was 2.7% compared to 0.99% in the prior year’s third quarter.Adjusted revenue for the partner network grew 533% year-over-year to $1.2 billion.What’s Next: Rocket Companies is guiding for fourth-quarter closed loan volume to come in a range of $88 billion to $93 billion. The net rate lock volume for the fourth quarter is guided in a range of $82 billion to $87 billion.The company announced a new $1 billion share buyback program.RKT Price Action: Rocket shares are trading down about 1% in after-hours trading after closing at $21.60.See more from Benzinga * Click here for options trades from Benzinga * Why Cramer Says A Biden Win Is Bullish For Rocket Companies * A Rocket Companies Subsidiary Acquires Fast-Growing Canadian Mortgage Platform Finmo(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.,

Rocket Companies Revenue Up 163% In Record Q3Rocket Companies Inc (NYSE: RKT) reported third-quarter earnings after the close on Tuesday.Q3 Earnings: The parent company of Rocket Mortgage and Quicken Loans reported adjusted revenue of $4.74 billion for the third quarter, which was up 163% year-over-year and beat the $4.55 billion target from Wall Street analysts.Adjustec earnings per share came in at $1.21, beating the consensus estimate of $1.07.Closed origination volume increased 122% year-over-year to a record $89 billion.The company saw net rate lock volume of $94.7 billion in the third quarter, year-over-year growth of 101%. Direct to consumer revenue grew 120% year-over-year to $3.33 billion. “Rocket Companies assisted more clients in the third quarter of 2020 than any quarter in our 35-year history,” said CEO Jay Farner.Related Link: Why Cramer Says A Biden Win Is Bullish For Rocket CompaniesView more earnings on RKTPartner Network Strong: Rocket Companies has signed several partnerships to boost its partner network.Third-quarter partner fund loan volume increased 127% year-over-year to $29.6 billion. The gain on sale margin for the partner network was 2.7% compared to 0.99% in the prior year’s third quarter.Adjusted revenue for the partner network grew 533% year-over-year to $1.2 billion.What’s Next: Rocket Companies is guiding for fourth-quarter closed loan volume to come in a range of $88 billion to $93 billion. The net rate lock volume for the fourth quarter is guided in a range of $82 billion to $87 billion.The company announced a new $1 billion share buyback program.RKT Price Action: Rocket shares are trading down about 1% in after-hours trading after closing at $21.60.See more from Benzinga * Click here for options trades from Benzinga * Why Cramer Says A Biden Win Is Bullish For Rocket Companies * A Rocket Companies Subsidiary Acquires Fast-Growing Canadian Mortgage Platform Finmo(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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