OceanFirst Financial Third Quarter 2024 Earnings: Beats Expectations

OceanFirst Financial (NASDAQ:OCFC) Third Quarter 2024 Results

Key Financial Results

• Revenue: US$96.4m (up 5.4% from 3Q 2023).
• Net income: US$24.1m (up 23% from 3Q 2023).
• Profit margin: 25% (up from 22% in 3Q 2023).
• EPS: US$0.41 (up from US$0.33 in 3Q 2023).

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

OceanFirst Financial Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 5.8%. Earnings per share (EPS) also surpassed analyst estimates by 8.2%.

Looking ahead, revenue is forecast to grow 5.7% p.a. on average 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 up 3.6% from a week ago.

Balance Sheet Analysis

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

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