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

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

Key Financial Results

• Revenue: US$18.6m (down 2.9% from 2Q 2023).
• Net income: US$3.51m (up 27% from 2Q 2023).
• Profit margin: 19% (up from 14% in 2Q 2023). The increase in margin was driven by lower expenses.
• EPS: US$0.17 (up from US$0.13 in 2Q 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 6.6%. Earnings per share (EPS) exceeded analyst estimates by 50%.

Looking ahead, revenue is expected to decline by 7.8% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 6.3%.

Performance of the American Banks industry.

The company's share price is broadly unchanged from a week ago.

Risk Analysis

Don't forget that there may still be risks. For instance, we've identified 3 warning signs for Western New England Bancorp (1 makes us a bit uncomfortable) you should be aware of.

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