UWM Swings to $452M Loss, Misses EPS by 32 Cents, Suspends Dividend
UWMC is trading near its 52-week low of $1.715 (2.0% above the low).
Summary
UWM Holdings reported a disastrous Q2, swinging to a $451.9M net loss from a profit last year. Adjusted EPS of -$0.23 missed consensus by a wide margin, despite revenue of $888M beating estimates. The company suspended its quarterly dividend and announced a $2.05B equity investment to shore up liquidity. This follows an aggressive proxy battle for Two Harbors, adding financial strain. The stock, already near its 52-week low, faces further pressure as the dividend cut and massive loss undermine investor confidence.
At the time of this announcement, UWMC was trading at $1.75 on NYSE in the Finance sector, with a market capitalization of approximately $2.9B. The 52-week trading range was $1.72 to $7.14. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Reuters.