First Business Financial Services First Quarter 2024 Earnings Fall Below Expectations

First Business Financial Services (NASDAQ: FBIZ) reported its First Quarter 2024 results, showing a revenue of US$33.9 million, which is a 1.2% increase from the first quarter of 2023. The net income for the quarter was US$8.63 million, up 1.3% from the same period last year. The profit margin remained steady at 25%, in line with the previous year. Earnings per share (EPS) also saw a slight increase to US$1.06 from US$1.05 in the first quarter of 2023.

Despite the positive results, both revenue and EPS missed analyst estimates by 3.5% and 6.8%, respectively. Looking ahead, the company is forecasting a revenue growth of 11% per year on average for the next two years, outpacing the 6.0% growth forecast for the Banks industry in the US. The share price of the company has remained relatively stable over the past week.

In addition to earnings, it’s important to analyze the balance sheet of a company to get a complete picture of its financial health. Those interested can find more information on First Business Financial Services’ balance sheet in our latest analysis. Feedback and inquiries can be directed to the editorial team at Simply Wall St via email at editorial-team@simplywallst.com.

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