Rithm (RITM) Tops Q2 Earnings and Revenue Estimates

Group 1: Company Overview - Rithm (RITM) reported quarterly earnings of $0.47 per share, exceeding the Zacks Consensus Estimate of $0.42 per share, but down from $0.62 per share a year ago, representing an earnings surprise of 11.90% [7] - The company posted revenues of $1.23 billion for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 8.78%, compared to year-ago revenues of $1.04 billion [8] - Rithm has surpassed consensus EPS estimates in all four of the last quarters and has topped consensus revenue estimates three times over the same period [8] Group 2: Earnings Estimates and Trends - The current consensus EPS estimate for the upcoming quarter is $0.42 on revenues of $1.19 billion, and for the current fiscal year, it is $1.76 on revenues of $4.82 billion [3] - The estimate revisions trend for Rithm is currently mixed, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [2] Group 3: Industry Context - Rithm belongs to the Zacks Financial - Miscellaneous Services industry, which is currently in the bottom 40% of over 250 Zacks industries, suggesting potential challenges in outperforming the market [4] - The performance of Rithm's stock may be influenced by the overall outlook of the industry, as research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1 [4] Group 4: Competitor Insights - HIVE Digital Technologies, another company in the same industry, is expected to report a quarterly loss of $0.08 per share, reflecting a year-over-year change of +55.6%, with revenues projected at $31.85 million, up 35.1% from the previous year [5][6]