First Citizens BancShares Q1 Adj $52.92 Beats $43.32 Estimate, Sales $1.82B Miss $2.36B Estimate
Portfolio Pulse from Benzinga Newsdesk
First Citizens BancShares (NASDAQ:FCNCA) reported Q1 adjusted earnings of $52.92 per share, surpassing the $43.32 estimate, marking a 163.41% increase from last year. However, their sales of $1.82B fell short of the $2.36B estimate, despite being a 114.12% increase from the previous year.
April 25, 2024 | 10:39 am
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First Citizens BancShares exceeded Q1 earnings expectations but missed on sales forecasts, showing significant year-over-year growth in both metrics.
While FCNCA's earnings significantly exceeded expectations, the miss on sales forecasts could temper investor enthusiasm, leading to a neutral short-term impact on the stock price. The substantial year-over-year growth in both earnings and sales highlights the company's strong performance, but the sales miss may raise concerns about future revenue growth.
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IMPORTANCE 90
RELEVANCE 100