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Rocket Companies (RKT)
NYSE:RKT
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Earnings Data
Report Date
Feb 20, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
0.03Last Year’s EPS
0Same Quarter Last Year
Based on 13 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Nov 10, 2020
|% Change Since: -22.65%
|Next Earnings Date:Sep 02, 2020
Earnings Call Sentiment|Positive
The earnings call reflected optimism with significant achievements in market share growth, financial performance, and technological advancements. Despite challenges with high mortgage rates and market volatility, the company remains confident in its strategic approach and future outlook.Company Guidance
During the Rocket Companies' Q3 2024 earnings call, several key metrics were shared, highlighting the company's strong financial performance and strategic initiatives. The company reported $1.323 billion in adjusted revenue, surpassing guidance and marking a 32% increase year-over-year, with net rate lock volume up 43%. Adjusted EBITDA margins reached 22%, a significant improvement from the previous year, and adjusted earnings per diluted share were $0.08. Rocket Companies expanded its market share in both purchase and refinance segments, with an industry-leading 85% recapture rate. The company also emphasized its robust ecosystem and AI-driven technology, which have significantly enhanced operational efficiency, saving over 800,000 team member hours annually and achieving more than $30 million in savings. Additionally, the company strengthened its servicing capabilities through a strategic subservicing partnership with Annaly and maintained a strong balance sheet with $3 billion in available cash and $6.8 billion in mortgage servicing rights. Looking forward, Rocket Companies anticipates the mortgage market to grow by 20% to 30% in 2025, positioning itself well to capture additional market share and drive long-term value creation.Expansion of Market Share
Rocket Companies expanded both purchase and refinance market share year-over-year in Q3 2024.
Strong Financial Performance
Adjusted revenue reached $1.323 billion, a 32% increase compared to Q3 2023, marking the fifth consecutive quarter of year-over-year revenue growth.
Increase in Net Rate Lock Volume
Net rate lock volume surged by 43% year-over-year, driven by significant refinance activity and growth in purchase volume.
High Recapture Rate
Rocket Companies achieved an industry-leading 85% recapture rate, highlighting strong client retention and satisfaction.
Investment-Grade Credit Rating
Rocket Mortgage received an investment-grade credit rating from Fitch, the first nonbank mortgage company to do so in almost two decades.
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RKT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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RKT Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 12, 2024 | $15.54 | $14.13 | -9.07% |
| Aug 01, 2024 | $15.36 | $17.25 | +12.30% |
| May 02, 2024 | $12.73 | $13.30 | +4.48% |
| Feb 22, 2024 | $10.98 | $11.56 | +5.28% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Rocket Companies (RKT) report earnings?
Rocket Companies (RKT) is schdueled to report earning on Feb 20, 2025, TBA Not Confirmed.
What is Rocket Companies (RKT) earnings time?
Rocket Companies (RKT) earnings time is at Feb 20, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is RKT EPS forecast?
RKT EPS forecast for the fiscal quarter 2024 (Q4) is 0.03.
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