These Analysts Just Made An Incredible Downgrade To Their The First of Long Island Corporation (NASDAQ:FLIC) EPS Forecasts

One thing we could say about the analysts on The First of Long Island Corporation (NASDAQ:FLIC) - they aren't optimistic, having just made a major negative revision to their near-term (statutory) forecasts for the organization. Both revenue and earnings per share (EPS) forecasts went under the knife, suggesting analysts have soured majorly on the business.

After the downgrade, the consensus from First of Long Island's three analysts is for revenues of US$99m in 2023, which would reflect a chunky 16% decline in sales compared to the last year of performance. Statutory earnings per share are supposed to crater 36% to US$1.18 in the same period. Before this latest update, the analysts had been forecasting revenues of US$116m and earnings per share (EPS) of US$1.78 in 2023. Indeed, we can see that the analysts are a lot more bearish about First of Long Island's prospects, administering a measurable cut to revenue estimates and slashing their EPS estimates to boot.

Check out our latest analysis for First of Long Island

Of course, another way to look at these forecasts is to place them into context against the industry itself. We would highlight that sales are expected to reverse, with a forecast 21% annualised revenue decline to the end of 2023. That is a notable change from historical growth of 4.0% over the last five years. By contrast, our data suggests that other companies (with analyst coverage) in the same industry are forecast to see their revenue grow 3.1% annually for the foreseeable future. It's pretty clear that First of Long Island's revenues are expected to perform substantially worse than the wider industry.

The Bottom Line

The most important thing to take away is that analysts cut their earnings per share estimates, expecting a clear decline in business conditions. Regrettably, they also downgraded their revenue estimates, and the latest forecasts imply the business will grow sales slower than the wider market. We wouldn't be surprised to find shareholders feeling a bit shell-shocked, after these downgrades. It looks like analysts have become a lot more bearish on First of Long Island, and their negativity could be grounds for caution.

With that said, the long-term trajectory of the company's earnings is a lot more important than next year. We have estimates - from multiple First of Long Island analysts - going out to 2024, and you can see them free on our platform here.

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