Home Point stock dips 17.7% after it reports $149M 1st quarter profit
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Home Point Capital Inc. shares tumbled 17.7% in afternoon trading after the Ann Arbor-based mortgage lender missed Wall Street expectations despite a booming housing market.
The company reported revenue of $422 million in the first three months of 2021, more than five times that received in the prior-year quarter. But it missed analyst expectations by nearly $42 million, according to financial news website Seeking Alpha. The $1.07 earnings per share, however, surpassed expectation by 37 cents.
Home Point reported a profit of $149 million in the first quarter after losing money during the same period in 2020. It originated a record $29.4 billion in loan volume, more than two-and-a-half times the amount it originated during the first quarter last year, as historically low interest rates spurred refinancing activity and home purchases.
Operator
Good day, and thank you for standing by, and welcome to the Rocket Companies, Inc. first-quarter 2021 earnings call. [Operator instructions] I would now like to hand the conference over to your speaker today, Sharon Ng. Please go ahead.
Sharon Ng
Vice President of Investor Relations
Good afternoon, everyone, and thank you for joining us for Rocket Companies earnings conference call covering the first quarter of 2021. I m Sharon Ng, the new vice president of investor relations here at Rocket Companies. With us this afternoon are our CEO, Jay Farner; CFO Julie Booth; and President and COO Bob Walters. Before I turn things over to Jay, let me quickly go over our disclaimers.
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What Happened:
Rocket Companies Inc s (NYSE: RKT) first-quarter adjusted revenue of $4 billion was up 91% year over year, beating consensus estimates of $3.97 billion.
Earnings per share of 89 cents per share came in just shy of analysts 90-cent estimate.
Closed loan origination volume hit $103.5 billion in the quarter. The first quarter was the strongest first quarter in company history for purchased closed loan volume. In March, the company had its highest-ever purchase application volume.
Average visitors to the company’s Rocket Homes website saw a 300% year-over-year increase.
Over 45,000 real estate agents have now signed up for Rocket Pro Insight, a 220% quarter-over-quarter increase.
Rocket Companies Announces First Quarter 2021 Earnings Date
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DETROIT, April 21, 2021 /PRNewswire/ Rocket Companies, Inc. (NYSE: RKT) ( Rocket Companies or the Company ), a Detroit-based holding company consisting of tech-driven real estate, mortgage and financial services businesses – including Rocket Mortgage, Rocket Homes and Rocket Auto – today announced the Company will issue its first quarter 2021 earnings on May 5, 2021. Management will host a conference call to discuss results at 4:30 p.m. ET on this date and a press release detailing the Company s results will be issued prior to the call.
A live webcast of the event will be available online at ir.rocketcompanies.com, or by navigating to Rocket Companies 1Q Earnings Call Webcast. A replay of the webcast will be available on the Investor Relations website following the conclusion of the event. If you are having issues viewing the webcast, please see the event
Rocket Companies, a Detroit-based holding company that includes Rocket Mortgage, Amrock, Rocket Homes and Rocket Auto, was recently ranked the No. 5 best place to work in America in Fortune Magazine’s annual ranking of the “100 Best Companies to Work For.” This marks the 18th consecutive year the company has ranked in the top 30 on […]