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First Bancorp (FBNC) Beats Q3 Earnings Estimates
FBNCFirst Bank(FBNC) ZACKS·2024-10-23 22:26

Company Performance - First Bancorp reported quarterly earnings of 0.70pershare,exceedingtheZacksConsensusEstimateof0.70 per share, exceeding the Zacks Consensus Estimate of 0.69 per share, but down from 0.73pershareayearago,indicatinga4.10.73 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 99.88millionyear−over−year[1]EarningsOutlook−ThecurrentconsensusEPSestimatefortheupcomingquarteris99.88 million year-over-year [1] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is 0.71 on revenues of 100million,whiletheestimateforthecurrentfiscalyearis100 million, while the estimate for the current fiscal year is 2.72 on revenues of 387million[4]−TheestimaterevisionstrendforFirstBancorpismixed,resultinginaZacksRank3(Hold),suggestingthestockisexpectedtoperforminlinewiththemarket[4]IndustryContext−TheBanks−Southeastindustry,towhichFirstBancorpbelongs,iscurrentlyinthebottom33387 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]