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While the top- and bottom-line numbers for Rocket Companies (RKT) give a sense of how the business performed in the quarter ended September 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
Rocket Companies, Inc. (NYSE:RKT ) Q3 2023 Earnings Conference Call November 2, 2023 4:30 PM ET Company Participants Sharon Ng - VP, IR Varun Krishna - CEO Brian Brown - CFO Conference Call Participants Kevin Barker - Piper Sandler Ryan Nash - Goldman Sachs Derek Sommers - Jefferies Jeff Adelson - Morgan Stanley Arren Cyganovich - Citi Don Fandetti - Wells Fargo Operator Thank you for standing by. My name is Greg, and I will be your conference operator today.
The Federal Reserve said interest rates would stay higher for longer, and existing home sales continued to fall. Mortgage rates rose during September, which is likely to further slow down the housing market.
With the Oct. 1 deadline for an approved federal budget looming, a government shutdown seems increasingly likely. How would a shutdown impact U.S. home mortgage interest rates, though?
Rocket Companies, Inc. has experienced a significant decline in sales and a small loss due to rising interest rates in 2022. The company went public in 2020 in a perfectly timed IPO amidst a booming US housing and mortgage market. Rocket Companies is focused on long-term market share gains and cost savings to improve its financial performance.
Rocket reported higher earnings despite lower revenue and volumes. Rocket's operations are better suited for a refinance-friendly environment.
Although the revenue and EPS for Rocket Companies (RKT) give a sense of how its business performed in the quarter ended June 2023, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
Rocket Companies (RKT) came out with a quarterly loss of $0.02 per share versus the Zacks Consensus Estimate of a loss of $0.05. This compares to loss of $0.03 per share a year ago.
I happened to read InvestorPlace.com contributor Jeremy Flint's recent article about undervalued bank stocks. All three names are solid financial institutions worth considering.
The U.S. military plans to buy even more rocket launches from companies in the coming years than previously expected.