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Aug. 14, 2020, 8:07 a.m. EDT

Quicken Loans parent Rocket Cos. shares soar 10% premarket after company offers Q2 guidance

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By Ciara Linnane


Shares of Rocket Companies /zigman2/quotes/219854810/composite RKT -2.78% rose 10% in premarket trade Friday, after the parent of major mortgage lender Quicken Loans offered guidance for its second quarter. The company, which went public last week, said it expects net income of $3.5 billion, after a loss of $54 million in the same period a year ago. Revenue is expected to climb to $5.037 billion from $938 million a year ago. The guidance was issued as part of a financial disclosure requirement for bondholders, the company said in a release. It will report second-quarter earnings on Sept. 2 and does not expect to offer guidance in future quarters. There are currently too few FactSet estimates to create a reliable consensus. The company said its closed loan originations volume of $72.3 billion was up 126% from a year ago. Rocket raised $1.8 billion in its IPO. The stock closed Thursday just above its IPO issue price of $18.

$ 19.60
-0.56 -2.78%
Volume: 7.10M
Jan. 15, 2021 4:00p
P/E Ratio
Dividend Yield
Market Cap
$38.90 billion
Rev. per Employee

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