Unity Bancorp Third Quarter 2024 Earnings: Beats Expectations

Unity Bancorp (NASDAQ:UNTY) Third Quarter 2024 Results

Key Financial Results

• Revenue: US$26.6m (up 6.2% from 3Q 2023).
• Net income: US$10.9m (up 9.6% from 3Q 2023).
• Profit margin: 41% (up from 40% in 3Q 2023). The increase in margin was driven by higher revenue.
• EPS: US$1.09 (up from US$0.98 in 3Q 2023).

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

Unity Bancorp Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) also surpassed analyst estimates by 13%.

Looking ahead, revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are up 2.1% from a week ago.

Balance Sheet Analysis

While it's very important to consider the profit and loss statement, you can also learn a lot about a company by looking at its balance sheet. We have a graphic representation of Unity Bancorp's balance sheet and an in-depth analysis of the company's financial position.

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