Amalgamated Financial First Quarter 2024 Earnings: EPS Beats Expectations

Amalgamated Financial (NASDAQ:AMAL) First Quarter 2024 Results

Key Financial Results

• Revenue: US$76.7m (up 14% from 1Q 2023).
• Net income: US$27.2m (up 28% from 1Q 2023).
• Profit margin: 36% (up from 32% in 1Q 2023). The increase in margin was driven by higher revenue.
• EPS: US$0.89 (up from US$0.69 in 1Q 2023).

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

Amalgamated Financial EPS Beats Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 19%.

Looking ahead, revenue is forecast to grow 6.8% p.a. on average during the next 2 years, compared to a 6.0% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are up 11% from a week ago.

Risk Analysis

We don't want to rain on the parade too much, but we did also find 1 warning sign for Amalgamated Financial that you need to be mindful of.

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