First of Long Island First Quarter 2024 Earnings: Misses Expectations

Simply Wall St · 05/13 10:28

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).
NasdaqCM:FLIC Earnings and Revenue Growth May 13th 2024

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.