Citizens Financial Broadly Affirms FY24 Forecast Post Mixed Q1 Results: Details
Portfolio Pulse from Shivani Kumaresan
Citizens Financial Group Inc (NYSE:CFG) reported a 7.9% year-on-year decline in Q1 FY24 revenue to $1.959 billion, slightly below estimates. Adjusted net income fell 32% Y/Y to $365 million, but adjusted EPS of $0.79 beat estimates. The company affirmed its FY24 forecast, announced a quarterly dividend of $0.42 per share, and expects a 2% decline in net interest income with 3%-4% growth in noninterest income for Q2. CFG shares rose 0.28% in premarket trading.
April 17, 2024 | 12:05 pm
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Citizens Financial reported a slight revenue miss and a decrease in adjusted net income for Q1 FY24 but beat EPS estimates and affirmed its FY24 forecast. It also declared a quarterly dividend of $0.42 per share.
Despite the revenue miss and decrease in adjusted net income, CFG's positive EPS surprise and affirmation of its FY24 forecast, coupled with the declaration of a quarterly dividend, are likely to be viewed positively by investors. The slight premarket stock price increase reflects initial positive sentiment.
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