First Business Financial Services (NASDAQ: FBIZ) has released its first quarter 2024 financial results, showing a revenue of US$33.9m, which represents a 1.2% increase from the first quarter of 2023. Net income also saw an increase of 1.3% to US$8.63m, with a profit margin of 25%, in line with the previous year. Earnings per share (EPS) rose to US$1.06 from US$1.05 in the first quarter of 2023.
Despite the positive figures, revenue missed analyst estimates by 3.5%, and EPS fell short of expectations by 6.8%. Looking ahead, 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, with First Business Financial Services’ share price remaining relatively unchanged from the previous week. It is important to also consider the balance sheet when analyzing a company’s financial health. Check out our latest analysis on First Business Financial Services’ balance sheet to get a more complete picture of its financial positioning and prospects for future growth.
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