Workflow
ConnectOne Bancorp (CNOB) Misses Q3 Earnings and Revenue Estimates
CNOBConnectOne Bancorp(CNOB) ZACKS·2024-10-24 13:11

Financial Performance - ConnectOne Bancorp reported quarterly earnings of 0.42pershare,missingtheZacksConsensusEstimateof0.42 per share, missing the Zacks Consensus Estimate of 0.45 per share, and down from 0.51pershareayearago,representinganearningssurpriseof−6.670.51 per share a year ago, representing an earnings surprise of -6.67% [1] - The company posted revenues of 65.62 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 3.31%, compared to year-ago revenues of 65.92million[1]EarningsOutlook−ThecurrentconsensusEPSestimateforthecomingquarteris65.92 million [1] Earnings Outlook - The current consensus EPS estimate for the coming quarter is 0.49 on revenues of 70.14million,andforthecurrentfiscalyear,itis70.14 million, and for the current fiscal year, it is 1.78 on revenues of 268.12million[4]−TheestimaterevisionstrendforConnectOneiscurrentlyfavorable,leadingtoaZacksRank1(StrongBuy)forthestock,indicatingexpectedoutperformanceinthenearfuture[4]IndustryContext−TheBanks−Northeastindustry,towhichConnectOnebelongs,iscurrentlyinthetop19268.12 million [4] - The estimate revisions trend for ConnectOne is currently favorable, leading to a Zacks Rank 1 (Strong Buy) for the stock, indicating expected outperformance in the near future [4] Industry Context - The Banks - Northeast industry, to which ConnectOne belongs, is currently in the top 19% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [5] - Esquire Financial Holdings, Inc., another company in the same industry, is expected to report quarterly earnings of 1.32 per share, reflecting a year-over-year change of +12.8% [5]