First Bank Third Quarter 2024 Earnings: EPS Misses Expectations

First Bank (NASDAQ:FRBA) Third Quarter 2024 Results

Key Financial Results

• Revenue: US$31.0m (up 40% from 3Q 2023).
• Net income: US$8.16m (up from US$1.27m loss in 3Q 2023).
• Profit margin: 26% (up from net loss in 3Q 2023). The move to profitability was primarily driven by higher revenue.
• EPS: US$0.32 (up from US$0.053 loss in 3Q 2023).

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

First Bank EPS Misses Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 21%.

Looking ahead, revenue is forecast to grow 9.5% p.a. on average during the next 2 years, compared to a 6.7% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are down 9.1% from a week ago.

Risk Analysis

Before we wrap up, we've discovered 1 warning sign for First Bank that you should be aware of.

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