OceanFirst Financial (NASDAQ:OCFC) Second Quarter 2024 Results

Key Financial Results

• Revenue: US$90.1m (down 9.7% from 2Q 2023).

• Net income: US$23.4m (down 13% from 2Q 2023).

• Profit margin: 26% (in line with 2Q 2023).

• EPS: US$0.40 (down from US$0.45 in 2Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

OceanFirst Financial Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 4.8%.

Looking ahead, revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company’s shares are up 3.3% from a week ago.

Balance Sheet Analysis

Just as investors must consider earnings, it is also important to take into account the strength of a company’s balance sheet. See our latest analysis on OceanFirst Financial’s balance sheet health.

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