Rocket Companies Q4 Net Income Surges; Declares Special Dividend Of $1.11/shr

(RTTNews) - Rocket Companies Inc. (RKT) reported that its fourth-quarter net income surged to $2.84 billion from $754.17 million in the prior year.

Net income attributable to company for the latest-quarter was $140.05 million or $1.09 per share.

Total revenue for the quarter grew to $4.70 billion from $1.93 billion last year. Adjusted revenue rose to $4.8 billion from $1.8 billion in the previous year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.87 per share and revenues of $3.92 billion. Analysts' estimates typically exclude special items.

The company has declared a special dividend of $1.11 per share payable on March 23, 2021 to holders of Class A common stock of record at the close of business on March 9, 2021. The company said it will fund the special dividend from cash distributions of about $2.2 billion.

For the first-quarter, the company expects closed loan volume to be between $98 billion and $103 billion, or an increase of 90% to 99% compared to $51.7 billion in the first quarter of 2020.