Provident Bancorp First Quarter 2024 Earnings: EPS Beats Expectations, Revenues Lag

Provident Bancorp (NASDAQ:PVBC) First Quarter 2024 Results

Key Financial Results

• Revenue: US$19.4m (up 23% from 1Q 2023).
• Net income: US$4.98m (up 137% from 1Q 2023).
• Profit margin: 26% (up from 13% in 1Q 2023). The increase in margin was driven by higher revenue.
• EPS: US$0.30 (up from US$0.13 in 1Q 2023).

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

Provident Bancorp EPS Beats Expectations, Revenues Fall Short

Revenue missed analyst estimates by 5.8%. Earnings per share (EPS) exceeded analyst estimates significantly.

Looking ahead, revenue is expected to decline by 3.4% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 6.0%.

Performance of the American Banks industry.

The company's shares are up 14% from a week ago.

Risk Analysis

It's still necessary to consider the ever-present spectre of investment risk. We've identified 1 warning sign with Provident Bancorp, and understanding this should be part of your investment process.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.