Central Pacific Financial (CPF) Beats Q2 Earnings and Revenue Estimates

Company Performance - Central Pacific Financial reported quarterly earnings of $0.58 per share, exceeding the Zacks Consensus Estimate of $0.48 per share, and up from $0.53 per share a year ago [8] - The company posted revenues of $64.04 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 3.73%, compared to revenues of $63.17 million in the same quarter last year [2] - The company has surpassed consensus EPS estimates three times over the last four quarters [9] Stock Performance - Central Pacific Financial shares have increased approximately 32.1% since the beginning of the year, outperforming the S&P 500's gain of 14% [3] - The current status of estimate revisions for Central Pacific Financial is mixed, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market in the near future [5] Industry Outlook - The Zacks Industry Rank for Banks - West is currently in the top 39% of over 250 Zacks industries, suggesting that the industry is performing well [6] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [12]