First Business Financial Services Surpasses Industry Average in Revenue Forecasts, Misses EPS Expectations

First Business Financial Services (NASDAQ: FBIZ) has released its first quarter 2024 financial report, showing a revenue of US$33.9 million, which is a 1.2% increase from the same period in 2023. Additionally, net income also saw a 1.3% increase to US$8.63 million, with a profit margin of 25%, in line with the previous year’s figures. Earnings per share (EPS) rose to US$1.06 from US$1.05 in the first quarter of 2023.

While the company’s revenue and net income were positive, they missed analyst estimates by 3.5% and EPS fell short of expectations by 6.8%. Despite this, the company forecasts a revenue growth of 11% per annum over the next two years, outperforming the industry average of 6.0% growth in the Banks sector in the US.

The American Banks industry has been stable recently, with First Business Financial Services’ share price remaining relatively unchanged from the previous week. It is important to consider other factors such as balance sheet analysis when evaluating a company’s financial health fully. To learn more about First Business Financial Services’ latest balance sheet analysis, please click here or check our website for more information on this topic.

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