First National Corp. (FXNC) Q2 Earnings and Revenues Top Estimates

Company Performance - First National Corp. reported quarterly earnings of $0.48 per share, exceeding the Zacks Consensus Estimate of $0.44 per share, but down from $0.56 per share a year ago [9] - The company posted revenues of $14.18 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 2.01%, and compared to year-ago revenues of $13.63 million [10] - Over the last four quarters, First National has surpassed consensus EPS estimates two times and topped consensus revenue estimates four times [1][10] Market Comparison - First National shares have declined approximately 19.1% since the beginning of the year, contrasting with the S&P 500's gain of 14% [2] - The current Zacks Rank for First National is 3 (Hold), indicating that shares are expected to perform in line with the market in the near future [6] Earnings Outlook - The consensus EPS estimate for the upcoming quarter is $0.45 on revenues of $13.9 million, and for the current fiscal year, it is $1.85 on revenues of $56.8 million [12] - The earnings surprise for the recent quarter was 9.09%, with a previous expectation of $0.43 per share and an actual result of $0.51 per share, delivering a surprise of 18.60% [4] Industry Context - First National operates within the Zacks Banks - Southeast industry, which is currently ranked in the top 12% of over 250 Zacks industries [7] - The performance of First National's stock may be influenced by the overall outlook for the banking industry [7]