Rocket Companies reported fourth-quarter and full-year earnings after the close Thursday that beat Street consensus estimates and broke company records.
Rocket’s Q4 Report: Fourth-quarter adjusted revenue totaled $4.8 billion for Rocket Companies (NYSE: RKT).
This was a year-over-year increase of 162% and beat a Street estimate of $3.9 billion.
The company reported a 350% year-over-year increase in adjusted net income to $2.3 billion. Earnings per share of $1.14 for the fourth quarter beat the consensus estimate of 87 cents.
Rocket Companies reported record closed loan origination volume of $107.2 billion in the fourth quarter. The net rate lock volume was $96 billion in the fourth quarter.
Full fiscal year 2020 revenue was $16.9 billion. Closed loan origination volume of $320.2 billion for the full fiscal year, up 121% year-over-year. The net rate lock volume of $338.7 billion for the full fiscal year was up 123% year-over-year.
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What’s Next For Rocket: Rocket Companies announced a special dividend of $1.11 per share. The dividend will be payable on March 23 to shareholders of the stock as of March 9.
The special dividend will be funded from cash distributions of $2.2 billion.
Rocket Companies guided for first-quarter closed loan volume to come in a range of $98 billion to $103 billion, representing a year-over-year increase of 90% to 99%.
Net rate lock volume is guided in a range of $88 billion to $95 billion. This represents a year-over-year gain of 57% to 70%.
RKT price Action: Shares of Rocket Companies were up 7.44% to $21.38 in after-hours trading Thursday.
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