Western New England Bancorp First Quarter 2024 Earnings: EPS Beats Expectations, Revenues Lag

Western New England Bancorp (NASDAQ:WNEB) First Quarter 2024 Results

Key Financial Results

• Revenue: US$18.6m (down 15% from 1Q 2023).
• Net income: US$2.96m (down 44% from 1Q 2023).
• Profit margin: 16% (down from 24% in 1Q 2023). The decrease in margin was driven by lower revenue.
• EPS: US$0.14 (down from US$0.24 in 1Q 2023).

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

Western New England Bancorp EPS Beats Expectations, Revenues Fall Short

Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) exceeded analyst estimates by 17%.

Looking ahead, revenue is expected to decline by 3.3% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 5.9%.

Performance of the American Banks industry.

The company's shares are up 1.1% from a week ago.

Risk Analysis

Be aware that Western New England Bancorp is showing 2 warning signs in our investment analysis that you should know about...

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

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.