Velocity Financial Full Year 2023 Earnings: Beats Expectations
Velocity Financial (NYSE:VEL) Full Year 2023 Results
Key Financial Results
Revenue: US$172.4m (up 94% from FY 2022).
Net income: US$53.0m (up 67% from FY 2022).
Profit margin: 31% (down from 36% in FY 2022). The decrease in margin was driven by higher expenses.
EPS: US$1.65 (up from US$0.99 in FY 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Velocity Financial Revenues and Earnings Beat Expectations
Revenue exceeded analyst estimates by 34%. Earnings per share (EPS) also surpassed analyst estimates by 13%.
Looking ahead, revenue is expected to decline by 7.2% p.a. on average during the next 2 years, while revenues in the Diversified Financial industry in the US are expected to grow by 4.1%.
Performance of the American Diversified Financial industry.
The company's shares are up 3.1% from a week ago.
Risk Analysis
Before we wrap up, we've discovered 1 warning sign for Velocity Financial that you should be aware of.
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