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Investing.com - Rithm Capital Corp. (NYSE:RITM) reported first quarter earnings on Friday that surpassed analyst expectations, while revenue fell short of estimates.
The company’s stock dropped 2.9% following the announcement.
The real estate investment trust posted adjusted earnings per share of $0.52 for the quarter, beating the analyst consensus of $0.47 by $0.05. However, revenue came in at $768.38 million, significantly below the $1.24 billion analysts had projected.
Rithm Capital’s GAAP net income for the quarter was $36.5 million, or $0.07 per diluted common share. The company declared a common dividend of $0.25 per share, totaling $132.5 million for the quarter.
The company highlighted several achievements during the quarter, including what it called the largest-ever mortgage servicing rights debt issuance.
Rithm Capital also reported steady growth across its core operating businesses, including asset management, origination, and servicing platforms.
Book value per common share stood at $12.39 at the end of the quarter.
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