Rocket Companies Shares Launch Higher After Solid Q4 Report: Details

Rocket Companies, Inc. RKT reported its fourth-quarter results after Thursday’s closing bell. Here’s a look at the details from the report.

The Details: Rocket Companies reported quarterly earnings of four cents per share, which beat the analyst consensus estimate of three cents. Quarterly revenue came in at $1.19 billion, which met the analyst consensus estimate and is an increase over revenue of $885 million from the prior year’s period.  

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For the fourth quarter:

• Rocket Mortgage generated $23.6 billion in net rate lock volume, a 47% increase compared to the same period of the prior year.
• Rocket Mortgage generated $27.8 billion in closed loan origination volume, a 61% increase compared to the same period of the prior year.
• Gain on sale margin was 2.98%, an increase of 30 bps compared to the same period of the prior year.

“2024 was a foundational year for the next chapter of Rocket. We expanded our purchase market share, drove significant operating leverage, and continued building the future of homeownership. I am proud of our team’s strong execution which delivered $4.9 billion in adjusted revenue, a 30% year-over-year increase — demonstrating the power of our AI-driven platform” said Varun Krishna, CEO and director of Rocket Companies.

Outlook: Rocket Companies sees first-quarter sales of $1.17 billion to $1.32 billion, versus the $1.3 billion analyst estimate.

RKT Price Action: According to data from Benzinga Pro, Rocket Companies shares are up 7.56% after hours at $13.80 Thursday.  

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