Published on 3 May 2024 on GuruFocus.com via Yahoo Finance
Rocket Companies Inc (RKT) Surpasses Q1 Revenue Forecasts with Strong Earnings Growth
Q1'24 Total Revenue: $1.4 billion, a significant increase from $666 million in Q1'23, surpassing the estimated $1,017.18 million.Q1'24 GAAP Net Income: $291 million, a substantial recovery from a loss of $411 million in Q1'23, far exceeding the estimated $10.19 million.Q1'24 GAAP Diluted EPS: $0.11, compared to a loss of $0.16 per share in Q1'23, well above the estimated $0.01.Adjusted Net Income: $84 million for Q1'24, recovering from a loss of $111 million in Q1'23, substantially exceeding the estimated loss of $30 million.Adjusted EBITDA: $174 million, marking the highest in two years, a significant turnaround from a negative $79 million in Q1'23.Closed Loan Origination Volume: Increased by 19% year-over-year to $20.2 billion in Q1'24.Gain on Sale Margin: Improved to 3.11% in Q1'24 from 2.39% in Q1'23, indicating enhanced profitability.
Warning! GuruFocus has detected 2 Warning Signs with RKT.