MVB Financial Second Quarter 2024 Earnings: Misses Expectations

MVB Financial (NASDAQ:MVBF) Second Quarter 2024 Results

Key Financial Results

• Revenue: US$34.5m (down 14% from 2Q 2023).
• Net income: US$4.09m (down 50% from 2Q 2023).
• Profit margin: 12% (down from 20% in 2Q 2023). The decrease in margin was driven by lower revenue.
• EPS: US$0.32 (down from US$0.64 in 2Q 2023).

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

MVB Financial Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 8.4%. Earnings per share (EPS) also missed analyst estimates by 14%.

Looking ahead, revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are down 3.5% from a week ago.

Balance Sheet Analysis

While earnings are important, another area to consider is the balance sheet. See our latest analysis on MVB Financial's balance sheet health.

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