First Citizens BancShares Third Quarter 2024 Earnings: Misses Expectations

First Citizens BancShares (NASDAQ:FCNC.A) Third Quarter 2024 Results

Key Financial Results

• Revenue: US$2.33b (down 3.0% from 3Q 2023).
• Net income: US$624.0m (down 15% from 3Q 2023).
• Profit margin: 27% (down from 31% in 3Q 2023). The decrease in margin was primarily driven by lower revenue.
• EPS: US$43.41 (down from US$50.73 in 3Q 2023).

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

First Citizens BancShares Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 4.5%.

Looking ahead, revenue is forecast to stay flat during the next 3 years compared to a 6.6% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are down 9.8% from a week ago.

Risk Analysis

We don't want to rain on the parade too much, but we did also find 2 warning signs for First Citizens BancShares (1 is concerning!) that you need to be mindful of.

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