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Nationstar Mortgage Announces Second Quarter 2012 Financial Results

Stocks in this article: NSM

Nationstar Mortgage Holdings Inc. (NYSE:NSM) (“Nationstar”), a leading residential mortgage loan servicer, today reported net income of $36.3 million, or $0.41 per share, for the second quarter 2012 compared to $50.2 million, or $0.67 per share, in the first quarter 2012 and $1.7 million in the second quarter of 2011.

Pro-forma Q2 ’12 EPS of $0.44 was comparable to the prior quarter’s pro-forma result of $0.44, after normalizing Q1 ’12 for tax rate and share count and Q2 ’12 for Aurora ramp-up expenses. Further details of pro-forma EPS are included in a table later in this release.

On a Non-GAAP basis, adjusted EBITDA (“AEBITDA”) for operating segments grew 31% to $101.2, or $1.13 per share, for the quarter versus $77.2 million, or $1.04 per share, in the first quarter 2012. Pro-forma Q2 ’12 AEBITDA per share for operating segments of $1.18 was up 37% over the prior quarter pro-forma AEBITDA per share of $0.86, after normalizing Q1 ’12 for share count and Q2 ’12 for Aurora ramp-up expenses. Further details of AEBITDA are included in a table later in this release.

Nationstar’s revenue grew 24% to $200.0 million for the quarter from $161.7 million in the prior quarter and was up 143% from $82.2 million in the second quarter of 2011. Pre-tax income from operating segments for the quarter decreased by 8% to $56.4 million, or $0.63 per share, down from $61.4 million, or $0.82 per share, in the first quarter of 2012 and up 729% from $6.8 million in the second quarter of 2011.

Nationstar’s servicing portfolio, as measured by unpaid principal balance (“UPB”), increased significantly to $193 billion at quarter’s end from $103 billion at the end of the prior quarter. This increase is related to the acquisition of the Aurora, Metlife and Bank of America portfolios. UPB was up more than 192% over the second quarter 2011 balance of $66 billion.

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