Rocket returns to profitability in second quarter

Rocket Cos. returned to profit in the second quarter, overcoming a sluggish start to the spring home sales season that has since gained momentum and is expected to keep building past September, executives said.

During the quarter, the company reported net income of $34 million.

This compared with a first quarter loss of $212 million. For the second quarter last year Rocket had net income of $178 million.

Using the non-GAAP metric of adjusted net income, Rocket earned $75 million. This translated to 4 cents per share, which beat the estimate by one cent, according to Seeking Alpha.

What influenced Rocket’s second quarter

“Last quarter, we mentioned a delayed spring home buying season, and that’s exactly what played out,” said Varun Krishna, CEO, on the earnings call. “April was…