Onity Group Q3 revenue beats estimates, adjusted profit rises
ONIT•Onity Group's Q3 revenue was $278.1 million, slightly above the $276.47 million analyst estimate. Adjusted pretax profit rose to $30 million, and the company repurchased 6% of shares outstanding.
1. Quarterly results
Onity Group reported Q3 revenue of $278.1 million, compared with an analyst estimate of $276.47 million. Net income was $3 million, while adjusted pretax profit rose to $30 million.
2. Servicing and outlook
Improved servicing profitability offset declining originations profitability. The company reported $24.7 billion in servicing additions and $53 billion in subservicing additions, exceeding its full-year target, and reaffirmed its previous guidance on adjusted ROE, servicing UPB growth, MSR hedge effectiveness and operating efficiency. It also repurchased 6% of shares outstanding, boosting book value per share.
