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Nationstar Announces Third Quarter 2013 Results & New Strategic Initiatives

Stocks in this article: NSM

Nationstar Mortgage Holdings Inc. (NYSE: NSM):

  • GAAP EPS of $0.91 on net income of $82 million
  • Pro forma EPS of $1.08, excluding BofA ramp and other one-time expenses totaling $25 million
  • Ending servicing portfolio UPB of $375 billion; pro forma UPB of $415 billion
  • Executed new agreements to acquire $25 billion in servicing
  • Servicing: Profitability targets on track; over $400 billion bulk acquisition pipeline
  • Solutionstar: Continued build-out of fee-based services offerings; significant revenue growth
  • Originations: Funded volume of $8.0 billion; year-to-date recapture rate of 45%
  • New strategic initiatives to increase shareholder value and returns

Nationstar Mortgage Holdings Inc. (“Nationstar”), a leading residential mortgage services company, today reported quarterly net income of $81.9 million, or $0.91 per share, for the third quarter 2013 compared to $55.1 million, or $0.61 per share, in the third quarter 2012.

Pro forma Q3’13 EPS was $1.08, after adjusting for $25.1 million in platform ramp related to the previously announced servicing acquisition from Bank of America (“BofA”) and other one-time transaction expenses. Pro forma Q3’13 EPS was up in comparison to Q3’12 pro forma EPS of $0.64.

On a Non-GAAP basis, adjusted EBITDA (“AEBITDA”) for operating segments grew 38% to $169.7 million, or $1.88 per share, for the current quarter versus $123.0 million, or $1.37 per share, in the third quarter 2012. In the current quarter AEBITDA margin was 27%.

Nationstar’s servicing portfolio, as measured by unpaid principal balance (“UPB”), ended the third quarter at $375 billion. Q3’13 ending UPB was up 90% over Q3’12 ending UPB of $198 billion. Pro forma for the closing of the remaining BofA PLS portfolios, and other servicing portfolios under contract, Nationstar’s UPB is approximately $415 billion.

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