OFG Bancorp Third Quarter 2024 Earnings: Misses Expectations

OFG Bancorp (NYSE:OFG) Third Quarter 2024 Results

Key Financial Results

• Revenue: US$153.4m (down 1.7% from 3Q 2023).
• Net income: US$47.0m (up 4.7% from 3Q 2023).
• Profit margin: 31% (up from 29% in 3Q 2023). The increase in margin was driven by lower expenses.
• EPS: US$1.01 (up from US$0.95 in 3Q 2023).

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

OFG Bancorp Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 2.2%.

Looking ahead, revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are down 3.3% from a week ago.

Risk Analysis

What about risks? Every company has them, and we've spotted 3 warning signs for OFG Bancorp (of which 1 makes us a bit uncomfortable!) you should know about.

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