Overview

* Rocket Q2 adjusted revenue beats analyst expectations, per LSEG data

* Adjusted EPS for Q2 beats consensus, per LSEG data

* Co completed acquisition of Redfin, showing positive early integration signs

Outlook

* Rocket expects Q3 adjusted revenue between $1.600 bln and $1.750 bln

* Company's Q3 outlook includes full quarter results from Redfin acquisition

Result Drivers

* REDFIN INTEGRATION - Successful integration of Redfin has expanded Rocket's purchase funnel and improved conversion rates, according to CEO Varun Krishna

* MORTGAGE VOLUME - Rocket Mortgage reported a 13% increase in net rate lock volume and an 18% increase in closed loan origination volume year-over-year

* DIGITAL ENHANCEMENTS - New digital tools and AI features have improved efficiency and client service, boosting refinance client follow-ups by 20%

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 $1.36

Revenue bln

Q2 Beat $1.34 $1.28

Adjusted bln bln (8

Revenue Analysts

)

Q2 Beat $0.04 $0.03

Adjusted (10

EPS Analysts

)

Q2 $75 mln

Adjusted

Net

Income

Q2 Net $34 mln

Income

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 9 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the financial technology (fintech) peer group is "buy."

* Wall Street's median 12-month price target for Rocket Companies Inc ( RKT ) is $14.00, about 4.7% below its July 30 closing price of $14.66

* The stock recently traded at 28 times the next 12-month earnings vs. a P/E of 23 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)