Washington Trust Bancorp (WASH) Q1 Earnings Lag Estimates

Core Viewpoint - Washington Trust Bancorp reported quarterly earnings of $0.61 per share, which missed the Zacks Consensus Estimate of $0.62 per share, and is a decrease from $0.64 per share a year ago [1] Earnings Performance - The earnings surprise for the quarter was -1.61%, while the previous quarter had a positive surprise of 1.72% with actual earnings of $0.59 per share against an expectation of $0.58 [2] - Over the last four quarters, Washington Trust has surpassed consensus EPS estimates three times [2] Revenue Performance - The company posted revenues of $59.07 million for the quarter, exceeding the Zacks Consensus Estimate by 11.50%, and up from $48.83 million year-over-year [3] - Washington Trust has topped consensus revenue estimates four times over the last four quarters [3] Stock Performance - Washington Trust shares have declined approximately 13.2% since the beginning of the year, compared to a decline of 10.2% for the S&P 500 [4] Future Outlook - The earnings outlook for Washington Trust is mixed, and the current consensus EPS estimate for the upcoming quarter is $0.69 on revenues of $54.88 million, while the estimate for the current fiscal year is $2.76 on revenues of $220.17 million [8] - The Zacks Rank for Washington Trust is currently 3 (Hold), indicating expected performance in line with the market in the near future [7] Industry Context - The Banks - Northeast industry, to which Washington Trust belongs, is currently in the top 23% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [9]