Washington Trust Bancorp (WASH) Q3 Earnings and Revenues Top Estimates

Core Insights - Washington Trust Bancorp (WASH) reported quarterly earnings of $0.56 per share, exceeding the Zacks Consensus Estimate of $0.46 per share, but down from $0.64 per share a year ago [1] - The earnings surprise for the quarter was +21.74%, and the company has surpassed consensus EPS estimates three times in the last four quarters [2] - The company posted revenues of $56.47 million for the quarter, surpassing the Zacks Consensus Estimate by 2.85% and up from $48.53 million year-over-year [3] Financial Performance - The earnings surprise of +21.74% indicates strong performance relative to expectations [2] - Revenue growth of approximately 16.5% year-over-year from $48.53 million to $56.47 million demonstrates robust operational performance [3] - The company has consistently exceeded revenue estimates, achieving this in all four quarters over the past year [3] Market Position - Washington Trust shares have declined about 17.5% year-to-date, contrasting with the S&P 500's gain of 13.3%, indicating underperformance in the market [4] - The current Zacks Rank for Washington Trust is 4 (Sell), suggesting expected underperformance in the near future [7] Future Outlook - The consensus EPS estimate for the upcoming quarter is $0.70, with projected revenues of $55.48 million, and for the current fiscal year, the estimates are $2.44 on $222.19 million in revenues [8] - The industry outlook is favorable, with the Banks - Northeast sector ranking in the top 29% of Zacks industries, which historically outperforms the lower-ranked sectors [9]