Velocity Financial Inc. (VEL) Reports In-Line Q1 EPS, Revenues Miss

Velocity Financial Inc. (NYSE: VEL) reported Q1 EPS of $0.20, in-line with the analyst estimate of $0.20. Revenue for the quarter came in at $15.22 million versus the consensus estimate of $19.1 million.

“As we mark the one-year anniversary of the COVID-19 pandemic, I am increasingly optimistic about the durability of the emerging economic recovery we are seeing as businesses reopen and growth opportunities for Velocity increase,” said Chris Farrar, President and CEO. “First quarter production volumes grew 30 percent quarter-over-quarter, and we continue to build momentum with the introduction of new products and re-launching existing products suspended during the pandemic. These initiatives provide our broker network with an expanded menu of options to satisfy their client’s financing needs, which drives higher production volume and accelerated growth of our loan portfolio. Velocity’s business model and integrated operational platform have shown continued resiliency and the ability to emerge from market dislocations stronger and more profitable than before. I am confident that this will be the case for Velocity going forward.”

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

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