Finance Of America Companies Inc ( (FOA) ) has released its Q3 earnings. Here is a breakdown of the information Finance Of America Companies Inc presented to its investors.
Finance of America Companies Inc. is a leading provider of home equity-based financing solutions for modern retirement, operating primarily in the financial services sector. The company recently released its third-quarter 2024 earnings report, showcasing a significant turnaround in its financial performance. Highlights from the report include a net income from continuing operations of $204 million, or $8.48 per share, marking a substantial recovery compared to previous periods. Adjusted net income for the quarter was $15 million, with adjusted earnings per share of $0.67, and an adjusted EBITDA of $32 million.
Finance of America has demonstrated strong financial performance for the fifth consecutive quarter, indicating a consistent trend of improvement. The company’s total revenues soared to $290 million, a 267% increase from the previous quarter, while expenses remained relatively stable. The completion of a reverse stock split and a successful exchange offer with high participation from senior unsecured notes holders also marked significant strategic moves for the company.
In the Retirement Solutions segment, pre-tax income reached $16 million, driven by increased volume and improved margins, while the Portfolio Management segment reported pre-tax income of $217 million, primarily due to positive fair value adjustments. Total equity rose to $456 million, reflecting strong operational performance and favorable market conditions.
Looking ahead, Finance of America is well-positioned for continued growth, with a stronger balance sheet and a focus on strategic initiatives. The company’s management remains optimistic about maintaining its positive trajectory and further enhancing its operational capabilities.
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