OceanFirst Financial (NASDAQ:OCFC) Second Quarter 2024 Results
Key Financial Results
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Revenue: US$90.1m (down 9.7% from 2Q 2023).
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Net income: US$23.4m (down 13% from 2Q 2023).
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Profit margin: 26% (in line with 2Q 2023).
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EPS: US$0.40 (down from US$0.45 in 2Q 2023).
All figures shown in the chart above are for the trailing 12 month (TTM) period
OceanFirst Financial Revenues and Earnings Miss Expectations
Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 4.8%.
Looking ahead, revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Banks industry in the US.
Performance of the American Banks industry.
The company’s shares are up 3.3% from a week ago.
Balance Sheet Analysis
Just as investors must consider earnings, it is also important to take into account the strength of a company’s balance sheet. See our latest analysis on OceanFirst Financial’s balance sheet health.
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