Provident Financial Services Third Quarter 2024 Earnings: Misses Expectations

Provident Financial Services (NYSE:PFS) Third Quarter 2024 Results

Key Financial Results

• Revenue: US$201.3m (up 95% from 3Q 2023).
• Net income: US$46.4m (up 63% from 3Q 2023).
• Profit margin: 23% (down from 28% in 3Q 2023).
• EPS: US$0.36.

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

Provident Financial Services Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 23%.

Looking ahead, revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are up 12% from a week ago.

Risk Analysis

It's necessary to consider the ever-present spectre of investment risk. We've identified 4 warning signs with Provident Financial Services (at least 1 which doesn't sit too well with us), and understanding them 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.