Synovus Financial Third Quarter 2024 Earnings: Beats Expectations

Synovus Financial (NYSE:SNV) Third Quarter 2024 Results

Key Financial Results

• Revenue: US$541.3m (up 13% from 3Q 2023).
• Net income: US$181.6m (up 108% from 3Q 2023).
• Profit margin: 34% (up from 18% in 3Q 2023). The increase in margin was primarily driven by higher revenue.
• EPS: US$1.27 (up from US$0.60 in 3Q 2023).

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

Synovus Financial Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 8.7%.

Looking ahead, revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are up 16% from a week ago.

Risk Analysis

You should learn about the 1 warning sign we've spotted with Synovus Financial.

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