Overview
LoanDepot adjusted revenue misses estimates
Q2 revenue rises 3% to $283 mln
Net loss narrows to $25 mln from $41 mln in prior qtr
Adjusted EBITDA increases to $26 mln, but misses expectations
Outlook
Company expects Q3 origination volume between $5.0 bln and $7.0 bln
Company projects Q3 pull-through weighted rate lock volume of $5.25 bln to $7.25 bln
Company anticipates Q3 pull-through weighted gain on sale margin of 325-350 basis points
Result Drivers
REVENUE GROWTH - Revenue increased 3% to $283 mln due to higher pull-through weighted lock volume and servicing income
EXPENSE MANAGEMENT - Expenses decreased 2% to $315 mln, driven by lower general and administrative expenses
TECHNOLOGY FOCUS - New leadership appointments to drive digital transformation and innovation, per CEO Anthony Hsieh
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | $282.54 mln | ||
Q2 Adjusted Revenue | Miss | $291.91 mln | $309.70 mln (3 Analysts) |
Q2 EPS | -$0.06 | ||
Q2 Adjusted Net Income | Miss | -$16.01 mln | -$12.40 mln (4 Analysts) |
Q2 Net Income | -$25.27 mln | ||
Q2 Adjusted EBITDA | Miss | $25.63 mln | $49.40 mln (1 Analyst) |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 3 "hold" and 2 "sell" or "strong sell"
Wall Street's median 12-month price target for loanDepot Inc is $1.30, about 44.6% below its August 6 closing price of $1.88
Press Release: ID:nBw9V24rNa
(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.)