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Rithm Capital First Quarter 2024 Earnings: Beats Expectations

Rithm Capital (NYSE:RITM) First Quarter 2024 Results

Key Financial Results

  • Revenue: US$909.7m (up 67% from 1Q 2023).

  • Net income: US$261.6m (up 280% from 1Q 2023).

  • Profit margin: 29% (up from 13% in 1Q 2023). The increase in margin was driven by higher revenue.

  • EPS: US$0.54 (up from US$0.14 in 1Q 2023).

earnings-and-revenue-growth
earnings-and-revenue-growth

All figures shown in the chart above are for the trailing 12 month (TTM) period

Rithm Capital Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 25%. Earnings per share (EPS) also surpassed analyst estimates by 79%.

Looking ahead, revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 31% growth forecast for the Mortgage REITs industry in the US.

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Performance of the American Mortgage REITs industry.

The company's share price is broadly unchanged from a week ago.

Risk Analysis

You should always think about risks. Case in point, we've spotted 3 warning signs for Rithm Capital you should be aware of, and 2 of them are significant.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.