Southern First (SFST) Beats Q2 Earnings and Revenue Estimates

Core Viewpoint - Southern First (SFST) reported quarterly earnings of $0.37 per share, exceeding the Zacks Consensus Estimate of $0.29 per share, and showing an increase from $0.31 per share a year ago [1][11]. Financial Performance - The company posted revenues of $23.05 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 4.16%, compared to $21.56 million in the same quarter last year [2]. - This quarterly report represents an earnings surprise of 27.59% [11]. - Over the last four quarters, Southern First has exceeded consensus EPS estimates three times [7]. Future Outlook - The company is expected to report quarterly earnings of $1.15 per share in its upcoming report, reflecting a year-over-year change of +26.4% [5]. - The current consensus EPS estimate for the next quarter is $0.38 on revenues of $23.57 million, and for the current fiscal year, it is $1.39 on revenues of $91.27 million [6]. - The estimate revisions trend for Southern First is currently unfavorable, leading to a Zacks Rank 5 (Strong Sell) for the stock, indicating expected underperformance in the near future [13]. Industry Context - Southern First operates within the Zacks Banks - Southeast industry, which is currently ranked in the bottom 29% of over 250 Zacks industries [10]. - The company’s shares have declined approximately 6.2% since the beginning of the year, contrasting with the S&P 500's gain of 17.2% [8].