First Citizens BancShares Third Quarter 2024 Earnings: Misses Expectations

Simply Wall St · 10/25 12:01

First Citizens BancShares (NASDAQ:FCNC.A) Third Quarter 2024 Results

Key Financial Results

  • Revenue: US$2.33b (down 3.0% from 3Q 2023).
  • Net income: US$624.0m (down 15% from 3Q 2023).
  • Profit margin: 27% (down from 31% in 3Q 2023). The decrease in margin was primarily driven by lower revenue.
  • EPS: US$43.41 (down from US$50.73 in 3Q 2023).
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NasdaqGS:FCNC.A Earnings and Revenue Growth October 25th 2024

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

First Citizens BancShares Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 4.5%.

Looking ahead, revenue is forecast to stay flat 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 9.8% from a week ago.

Risk Analysis

We don't want to rain on the parade too much, but we did also find 2 warning signs for First Citizens BancShares (1 is concerning!) that you need to be mindful of.