Velocity Financial Inc. (VEL) Misses Q2 EPS by 4c, Revenues Miss

Velocity Financial Inc. (NYSE: VEL) reported Q2 EPS of $0.17, $0.04 worse than the analyst estimate of $0.21. Revenue for the quarter came in at $13.53 million versus the consensus estimate of $18.2 million.

“In light of the unprecedented environment we faced, I am pleased with our second quarter results and the tremendous accomplishments of the Velocity team to address the pandemic’s impact on our company and preparations to restart our loan production operations in the third quarter,” said Chris Farrar, President and CEO. “Net income for the second quarter and year-to-date was positive and reflects the resiliency of Velocity’s business model under extreme conditions. While challenges remain, we are now fully devoted to restarting our loan production activities, and I am excited about driving growth and future returns for our stockholders.”

For earnings history and earnings-related data on Velocity Financial Inc. (VEL) click here.

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