First of Long Island First Quarter 2024 Earnings: Misses Expectations

First of Long Island (NASDAQ:FLIC) First Quarter 2024 Results

Key Financial Results

• Revenue: US$20.9m (down 12% from 1Q 2023).
• Net income: US$4.44m (down 32% from 1Q 2023).
• Profit margin: 21% (down from 27% in 1Q 2023). The decrease in margin was driven by lower revenue.
• EPS: US$0.20 (down from US$0.29 in 1Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

First of Long Island Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 5.2%. Earnings per share (EPS) also missed analyst estimates by 12%.

Looking ahead, revenue is forecast to grow 4.1% p.a. on average during the next 2 years, compared to a 6.0% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are up 2.5% from a week ago.

Balance Sheet Analysis

Just as investors must consider earnings, it is also important to take into account the strength of a company's balance sheet. We have a graphic representation of First of Long Island's balance sheet and an in-depth analysis of the company's financial position.

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