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Reading: UWM Holdings stock gains after strong Q2 revenue beat, loan orginations rise (NYSE:UWMC)
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News Junction > Blog > Business > UWM Holdings stock gains after strong Q2 revenue beat, loan orginations rise (NYSE:UWMC)
UWM Holdings stock gains after strong Q2 revenue beat, loan orginations rise (NYSE:UWMC)
Business

UWM Holdings stock gains after strong Q2 revenue beat, loan orginations rise (NYSE:UWMC)

Published August 9, 2023
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UWM Holdings (NYSE:UWMC) stock climbed 5.4% in Wednesday premarket trading after the mortgage wholesaler turned in better-than-expected Q2 revenue and its results rebounded to a profit compared with a loss in the prior quarter.

The company expects Q3 loan production of $26B-$33B with gain margin of 75-100 basis points; that compares with Q2 loan origination of $31.8B and gain margin of 88 bps.

Q2 revenue of $587.5M, vs. the $484.0M consensus, rose from $161.3M in Q1 and $564.2M in the year-ago quarter. In Q2 2023, revenue included a change in fair value of mortgage servicing rights (MSRs) that increased revenue by $24.6M. That compared with a $337.8M reduction in MSR fair value in Q1 and a $236.2M increase in Q2 2022.

Q2 adjusted net income of $176.0M vs. -$106.8M in Q1 and $164.3M in Q2 2022. Adjusted EPS of $0.08, shy of the average analyst estimate of $0.10, compared with -$0.07 in the prior quarter and $0.10 a year ago.

“Despite a historic decline in industry-wide origination volume during 2023, UWM remains profitable,” said Chairman and CEO Mat Ishbia. “Other management teams seem to have forgotten that during a mortgage boom, the majority of the opportunity is in the first six months.”

Q2 originations of $31.8B, compared with its guidance of $23B-$30B, rose from $22.3B in the prior quarter and $29.9B in the year-ago period.

Total gain margin was 88 bps vs. 92 bps in Q1 and 99 bps in the Q2 2022.

Q2 adjusted EBITDA of $125.4M fell from $141.0M in Q1 and rose from $95.0M in Q2 2022.

Conference call at 10:30 AM ET.

Earlier, UWM Holdings (UWMC) non-GAAP EPS of $0.11 beats by $0.05, revenue of $587.52M beats by $103.52M

#UWM #Holdings #stock #gains #strong #revenue #beat #loan #orginations #rise #NYSEUWMC

TAGGED:beatgainsholdingsloanNYSEUWMCorginationsrevenueriseStockStrongUWM
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