ConnectOne Bancorp Third Quarter 2024 Earnings: Misses Expectations

Simply Wall St · 10/25 12:12

ConnectOne Bancorp (NASDAQ:CNOB) Third Quarter 2024 Results

Key Financial Results

  • Revenue: US$61.8m (down 4.0% from 3Q 2023).
  • Net income: US$15.7m (down 21% from 3Q 2023).
  • Profit margin: 25% (down from 31% in 3Q 2023). The decrease in margin was primarily driven by lower revenue.
  • EPS: US$0.41 (down from US$0.51 in 3Q 2023).
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NasdaqGS:CNOB Earnings and Revenue Growth October 25th 2024

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

ConnectOne Bancorp Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 5.8%. Earnings per share (EPS) also missed analyst estimates by 7.3%.

Looking ahead, revenue is forecast to grow 30% 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 5.8% from a week ago.

Balance Sheet Analysis

While earnings are important, another area to consider is the balance sheet. We've done some analysis and you can see our take on ConnectOne Bancorp's balance sheet.