South Plains Financial Third Quarter 2024 Earnings: Revenues Disappoint

Simply Wall St · 10/25 13:16

South Plains Financial (NASDAQ:SPFI) Third Quarter 2024 Results

Key Financial Results

  • Revenue: US$47.4m (down 2.5% from 3Q 2023).
  • Net income: US$11.2m (down 17% from 3Q 2023).
  • Profit margin: 24% (down from 28% in 3Q 2023). The decrease in margin was primarily driven by higher expenses.
  • EPS: US$0.68 (down from US$0.80 in 3Q 2023).
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NasdaqGS:SPFI Earnings and Revenue Growth October 25th 2024

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

South Plains Financial Revenues Disappoint

Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) was mostly in line with analyst estimates.

Looking ahead, revenue is forecast to grow 8.3% 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 4.0% 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 South Plains Financial that you need to be mindful of.