Unity Bancorp First Quarter 2024 Earnings: EPS Beats Expectations

Unity Bancorp (NASDAQ:UNTY) First Quarter 2024 Results

Key Financial Results

• Revenue: US$24.9m (down 1.2% from 1Q 2023).
• Net income: US$9.59m (down 6.8% from 1Q 2023).
• Profit margin: 39% (down from 41% in 1Q 2023). The decrease in margin was primarily driven by higher expenses.
• EPS: US$0.95 (down from US$0.98 in 1Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Unity Bancorp EPS Beats Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.3%.

Looking ahead, revenue is forecast to grow 8.1% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's share price is broadly unchanged from a week ago.

Balance Sheet Analysis

Just as investors must consider earnings, it is also important to take into account the strength of a company's balance sheet. We have a graphic representation of Unity Bancorp's balance sheet and an in-depth analysis of the company's financial position.

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