Independent Bank Gr Q1 2024 Adj EPS $0.63 Beats $0.59 Estimate, Adj Sales $115.809M Miss $121.391M Estimate
Portfolio Pulse from Benzinga Newsdesk
Independent Bank Gr (IBTX) reported Q1 2024 adjusted earnings per share of $0.63, surpassing the $0.59 estimate, but missed revenue estimates with $115.809M against the expected $121.391M. This represents a 17.58% decrease in sales compared to the same period last year.
April 22, 2024 | 9:16 pm
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IBTX reported higher than expected Q1 2024 EPS at $0.63 but missed on revenue, with a significant year-over-year sales decrease.
While the beat on EPS estimates is positive, the miss on revenue and the significant decrease in sales year-over-year could concern investors. The mixed results may lead to neutral short-term stock price movement as the market weighs the positive earnings against the negative sales performance.
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