Grupo Financiero Banorte. de Second Quarter 2024 Earnings: Misses Expectations

Grupo Financiero Banorte. de (BMV:GFNORTEO) Second Quarter 2024 Results

Key Financial Results

• Revenue: Mex$31.0b (up 6.9% from 2Q 2023).
• Net income: Mex$14.0b (up 7.1% from 2Q 2023).
• Profit margin: 45% (in line with 2Q 2023).
• EPS: Mex$5.07 (up from Mex$4.09 in 2Q 2023).

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

Grupo Financiero Banorte. de Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) also missed analyst estimates by 3.6%.

Looking ahead, revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Banks industry in South America.

Performance of the market in Mexico.

The company's shares are down 3.0% from a week ago.

Valuation

If you are seeking undervalued stocks, our analysis of 6 valuation measures indicates Grupo Financiero Banorte. de could be a good place to look. Click here to view our comprehensive analysis and gain insights into the stock's investment prospects.

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