Velocity Financial Q2 Revenue Rises 10.7% on Loan Growth, EPS Dips to $0.64
VEL is trading near its 52-week low of $16.27 (8.6% above the low).
Summary
Velocity Financial posted Q2 revenue of $94.99M, up 10.7% year-over-year, driven by loan portfolio expansion and recoveries from nonperforming loans. GAAP EPS declined to $0.64 from $0.69 a year ago, pressured by a higher effective tax rate, while core EPS came in at $0.71. The company did not provide forward guidance. This follows the 8-K filed earlier today with stable core net income of $27.9M and improving credit metrics. The results show solid top-line momentum but bottom-line pressure from tax items, with no outlook to anchor expectations.
At the time of this announcement, VEL was trading at $17.67 on NYSE in the Finance sector, with a market capitalization of approximately $693.6M. The 52-week trading range was $16.27 to $21.40. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.