New Residential Investment (NRZ) Reports In-Line Q1 EPS, Revenues Beat

New Residential Investment (NYSE: NRZ) reported Q1 EPS of $0.34, in-line with the analyst estimate of $0.34. Revenue for the quarter came in at $1.17 billion versus the consensus estimate of $242.49 million.

“We delivered strong results across all of our business lines and operating companies in the first quarter of 2021,” said Michael Nierenberg, Chairman, Chief Executive Officer and President of New Residential. “Our results to start the year were driven by an improvement in our MSR portfolio as rates moved higher, and the expansion of our operating platform, particularly as it related to producing record funding volume and growing our recapture performance. As mortgage speeds continue to slow and MSR cash flows extend, we anticipate additional benefit to our MSR portfolio. Looking forward, while we anticipate that origination margins will continue to normalize, we see additional room to grow origination market share and see compelling opportunities for earnings growth in our investment portfolio, specifically in the MSR portfolio, call business and loan strategy.”

“We also believe that once we close our acquisition of Caliber Home Loans, Inc., we will be able to utilize Caliber’s robust technology, outstanding purchase platform and strong recapture performance to further enhance our Company’s earnings power and overall strategy,” added Mr. Nierenberg.

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

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