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TheStreet Open House

Nationstar Mortgage Announces Third Quarter 2012 Financial Results

Nationstar Mortgage Holdings Inc. (NYSE:NSM):

  • Delivered record net income of $55.1 million, or $0.61 per share
  • Pro-forma EPS of $0.64, excluding transaction-related expenses
  • Servicing portfolio UPB of $198 billion; pipeline at $600 billion
  • $30 billion bulk servicing expected to close in Q4; $10 billion in flow agreements executed
  • Second consecutive quarter of record originations volume and application pipeline
  • Strategic initiative to expand ancillary services business

Nationstar Mortgage Holdings Inc. (NYSE:NSM) (“Nationstar”), a leading residential mortgage loan servicer, today reported that net income grew by 52% to $55.1 million, or $0.61 per share, for the third quarter 2012 compared to $36.3 million, or $0.41 per share, in the second quarter 2012 and a loss of $3.1 million in the third quarter of 2011.

Pro-forma Q3 ’12 EPS of $0.64 was up in comparison to the prior quarter’s pro-forma results of $0.44, after normalizing Q3 ’12 for $3.9 million of ResCap and other transaction-related expenses. Q2 ’12 pro-forma earnings excluded $4.1 million of Aurora ramp-up expenses. Further details on pro-forma EPS are included in a table later in this release.

On a Non-GAAP basis, adjusted EBITDA (“AEBITDA”) for operating segments grew 22% to $123.0 million, or $1.37 per share, for the quarter versus $101.2 million, or $1.13 per share, in the second quarter 2012. Pro-forma Q3 ’12 AEBITDA per share for operating segments of $1.41 was up 19% over the prior quarter pro-forma AEBITDA per share of $1.18, after normalizing for Q3 ’12 for ResCap and other transaction-related expenses. Pro-forma Q2 ’12 AEBITDA excluded $4.1 million of Aurora ramp-up expenses. Further details of AEBITDA are included in a table later in this release.

Nationstar’s revenue grew 39% to $277.2 million for the quarter from $200.0 million in the prior quarter and was up 205% from $90.9 million in the third quarter of 2011. Pre-tax income from operating segments for the quarter increased by 47% to $82.7 million, or $0.92 per share, up from $56.4 million, or $0.63 per share, in the second quarter of 2012 and was up 1738% from $4.5 million in the third quarter of 2011.

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