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Nationstar Mortgage Announces Fourth Quarter and Full Year 2013 Financial Results

Stocks in this article: NSM

Nationstar Mortgage Holdings Inc. (NYSE:NSM):

  • 2013 GAAP EPS of $2.40 on net income of $217 million
  • 2013 pro forma EPS of $3.20 on pro forma net income of $289 million
  • Ending servicing portfolio UPB of $391 billion
  • 2013 servicing portfolio growth of 88% with successful completion of BofA boarding
  • Q4 2013 servicing operating profitability exceeded 6 basis points
  • Originations: Funded volume of $24 billion in 2013; Year-over-year growth of 204%
  • Solutionstar: $185 million and $67 million in revenue and pretax income, respectively in its first full year
  • 2013 return on equity of 25%

Nationstar Mortgage Holdings Inc. (NYSE:NSM) (“Nationstar”), a leading residential mortgage loan servicer, today reported that net income for the year ended December 31, 2013 increased 6% to $217 million, or $2.40 per share, from $205 million in 2012, or $2.40 per share. The net loss in the fourth quarter 2013 was $51 million, or $(0.56) per share compared to net income of $64 million, or $0.71 per share, in the fourth quarter 2012.

Pro forma 2013 EPS was $3.20, after adjusting for $67 million in platform ramp related to the previously announced servicing acquisition from Bank of America (“BofA”) and $51 million in other one-time expenses. Pro forma 2013 EPS was up 44% in comparison to 2012 pro forma EPS of $2.23. Pro forma Q4’13 EPS was $(0.23), after adjusting for one-time expenses. Pro forma Q4’13 EPS was down in comparison to Q4’12 pro forma EPS of $0.65. Nationstar's return on equity for 2013 was 25%.

On a Non-GAAP basis, adjusted EBITDA (“AEBITDA”) for operating segments grew 35% to $617 million, or $6.83 per share, in 2013 versus $456 million, or $5.34 per share, in 2012. Fourth quarter 2013 AEBITDA was $25 million, or $0.28 per share, down from $155 million, or $1.72 per share, in fourth quarter 2012.

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