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$169.6m (up 94% from 3Q 2023).
• Profit margin: 31% (up from 18% in 3Q 2023). The increase in margin was primarily driven by higher revenue.
• EPS: US$1.19 (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 14% 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 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 1 warning sign for Synovus Financial that you should be aware of.

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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.