First Bancorp (FBNC) Beats Q3 Earnings Estimates

Company Performance - First Bancorp reported quarterly earnings of $0.70 per share, exceeding the Zacks Consensus Estimate of $0.69 per share, but down from $0.73 per share a year ago, indicating a 4.1% year-over-year decline [1] - The company achieved an earnings surprise of 1.45% for the quarter and had a significant surprise of 18.64% in the previous quarter [1] - Revenues for the quarter were $96.62 million, missing the Zacks Consensus Estimate by 0.39% and down from $99.88 million year-over-year [1] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.71 on revenues of $100 million, while the estimate for the current fiscal year is $2.72 on revenues of $387 million [4] - The estimate revisions trend for First Bancorp is mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market [4] Industry Context - The Banks - Southeast industry, to which First Bancorp belongs, is currently in the bottom 33% of over 250 Zacks industries, indicating potential challenges for stock performance [5] - First National Corp. (FXNC), another company in the same industry, is expected to report quarterly earnings of $0.49 per share, reflecting a year-over-year decline of 2% [5]