New Residential Investment (NRZ) Misses Q3 EPS by 7c, Revenues Beat

New Residential Investment (NYSE: NRZ) reported Q3 EPS of $0.31, $0.07 worse than the analyst estimate of $0.38. Revenue for the quarter came in at $685.02 million versus the consensus estimate of $673.55 million.

THIRD QUARTER 2020 FINANCIAL HIGHLIGHTS:

• GAAP Net Income of $77.9 million, or $0.19 per diluted common share(1)
• Core Earnings of $131.6 million, or $0.31 per diluted common share(1)(2)
• Common Dividend of $62.4 million, or $0.15 per common share(1)
• Book Value per common share of $10.86(1)
• $841.0 million of cash as of September 30, 2020

“New Residential had a strong third quarter, bolstered by solid earnings in our Origination and Servicing segments,” said Michael Nierenberg, Chairman, Chief Executive Officer and President of New Residential. “Origination and Servicing delivered over $340 million in pre-tax earnings during the third quarter as these businesses continued to scale and capture additional market share.”

Mr. Nierenberg continued, “With rates at current lows, we believe our investment portfolio is well positioned; in particular, our MSR portfolio stands to benefit as rates rise and multiples improve. We intend to maintain high levels of cash to deploy opportunistically. Heading into the end of the year, we are confident in our ability to grow book value and generate earnings for our shareholders.”

For earnings history and earnings-related data on New Residential Investment (NRZ) click here.

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