NRZ - New Residential Q1 earnings beat book value rises servicing revenue jumps
New Residential Investment (NYSE:NRZ), a provider of mortgage and financial services, posted better-than-expected Q1 earnings and saw its book value climb during the quarter while its servicing net revenue surged more than three-fold from the previous quarter. "Our diversified investment management company performed exceptionally well, generating a ~5% total shareholder return and growing book value by ~10% to $12.56 per share. We expect book value growth to continue in the second quarter given the upward move in Treasury yields and the Fed’s expected policy actions, said Chairman, CEO and President Michael Nierenberg. Q1 core EPS of $0.37, topping the $0.35 consensus, declined from $0.40 in Q4 2021. Q1 total revenue of $1.73B increased from $1.10B in the previous quarter. Book value of $12.56 at March 31, 2022 increased from $11.44 at Dec. 31, 2021. Q1 origination pretax income of $25.9M fell from $82.3M in the previous quarter. Q1 total origination funded
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New Residential Q1 earnings beat, book value rises, servicing revenue jumps