First Business Financial Services Reports First Quarter 2024 Financial Results: Revenue and Earnings Beat Expectations but Miss Estimates

First Business Financial Services (NASDAQ: FBIZ) reported its first quarter 2024 financial results, with revenue of US$33.9 million, representing a 1.2% increase from the same period last year. Net income also increased by 1.3% to US$8.63 million, with a profit margin of 25%, in line with the previous year. However, earnings per share (EPS) fell short of analyst expectations by 6.8%, while revenue missed estimates by 3.5%.

Despite this, First Business Financial Services forecasts revenue growth of 11% per annum over the next two years, outpacing the industry average of 6.0% growth in the Banks sector in the US. The company’s performance has been stable, with its share price remaining relatively unchanged from the previous week. However, it is important to analyze a company’s balance sheet when evaluating its financial health. Check out our latest analysis on First Business Financial Services’ balance sheet for a more complete picture.

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