(Rocket) Rocket Companies, Inc. reported a net income of $1.037 billion in the first quarter of 2022, more than half of an income of $2.777 billion in the prior year.
The company posted revenue of $2.671 billion in the first quarter, compared to revenue of $4.539 billion in the comparable quarter of 2021.
GAAP diluted earnings per share was $0.40 in the quarter, compared to EPS of $1.07 in the prior year. Adjusted EBITDA was $450 million, down from EBITDA of $2.452 billion in the prior year.
Rocket said that it achieved its best-ever mortgage purchase in the quarter, with an increase of 43% from the prior year. The company also said it drove a record 8,200 real estate transactions in the quarter and $2 billion of real estate transaction value.
Rocket’s automotive retail marketplace hit a record $445 million in gross merchandise value in the quarter, an increase of $85 million from the first quarter of 2021.
Rocket expects between $35 billion and $40 billion of loan volume in the second quarter, with a net rate lock volume of $31 billion to $38 billion. The gain on sales margin is expected at between 2.60% and 2.90%.
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