First Business Financial Services (NASDAQ: FBIZ) announced its first quarter 2024 financial results, reporting revenue of US$33.9m, a 1.2% increase from the same period last year. Net income also increased by 1.3% to US$8.63m, 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.
Although the company’s revenue and net income beat expectations, they still missed analyst estimates by 3.5% and 6.8%, respectively, for EPS. Looking ahead, First Business Financial Services forecasts revenue growth of 11% per annum over the next two years, outpacing the industry average of 6.0% growth in the Banks sector in the US.
The American Banks industry has remained stable, with First Business Financial Services’ share price remaining relatively unchanged from the previous week. However, it is important to consider a company’s balance sheet when analyzing its financial health, and you can check out our latest analysis on First Business Financial Services’ balance sheet for more information on this aspect of their financial performance.
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