Northwest Bancshares (NWBI) Tops Q2 Earnings Estimates

Core Viewpoint - Northwest Bancshares reported revenues of $97.99 million for the quarter ended June 2024, which was a 26.75% miss compared to the Zacks Consensus Estimate and a decline from $138.35 million year-over-year [1] Financial Performance - The company is expected to post quarterly earnings of $0.41 per share, reflecting a year-over-year decrease of 14.6%, with the consensus EPS estimate revised 2.4% lower in the last 30 days [3] - The actual quarterly earnings reported were $0.27 per share, surpassing the Zacks Consensus Estimate of $0.23 per share, consistent with earnings of $0.27 per share from the previous year [10] - The company has exceeded consensus EPS estimates two times over the last four quarters [14] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.23 on revenues of $136.36 million, and for the current fiscal year, it is $0.92 on revenues of $539.76 million [6] - The stock has gained approximately 6.7% since the beginning of the year, compared to a 16.7% increase in the S&P 500 [11] - The Zacks Rank for Northwest Bancshares is currently 3 (Hold), indicating expected performance in line with the market in the near future [12] Industry Context - The Financial - Savings and Loan industry is currently ranked in the bottom 31% of over 250 Zacks industries, suggesting that the outlook for the industry could significantly impact the stock's performance [15]