First Merchants Third Quarter 2024 Earnings: Misses Expectations

Simply Wall St · 10/25 11:09

First Merchants (NASDAQ:FRME) Third Quarter 2024 Results

Key Financial Results

  • Revenue: US$151.0m (down 5.2% from 3Q 2023).
  • Net income: US$48.7m (down 13% from 3Q 2023).
  • Profit margin: 32% (down from 35% in 3Q 2023). The decrease in margin was driven by lower revenue.
  • EPS: US$0.84 (down from US$0.94 in 3Q 2023).
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NasdaqGS:FRME Earnings and Revenue Growth October 25th 2024

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

First Merchants Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) also missed analyst estimates by 7.0%.

Looking ahead, revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are down 9.2% from a week ago.

Risk Analysis

We should say that we've discovered 1 warning sign for First Merchants that you should be aware of before investing here.