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NEW YORK - Finance of America Companies Inc. (NYSE: FOA) reported fourth quarter adjusted earnings that missed expectations, sending shares lower in after-hours trading.
The home equity-based financing solutions provider posted adjusted earnings per share of $0.21 for Q4, down from $0.67 in the third quarter. Revenue fell 137% year-over-year to -$106 million.
For the full year 2024, Finance of America reported adjusted earnings of $0.60 per share on revenue of $338 million.
The company’s reverse mortgage funded volume increased 19% in 2024 to $1.92 billion, including $534 million in Q4 production.
"Throughout the year, we accomplished numerous strategic objectives that strengthened our balance sheet and enhanced the business, driving the Company’s return to profitability," said CEO Graham A. Fleming.
Finance of America’s stock fell 20% in after-hours trading following the earnings release. The significant drop suggests investors were disappointed by the earnings miss and revenue decline compared to last year.
Looking ahead, Fleming said the company is "excited for the coming year" and plans to build on its momentum to expand reach and drive greater value.
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