Eastern Bankshares Q1 2024 Adj EPS $0.23 Beats $0.20 Estimate, Sales $157.592M Beat $134.917M Estimate
Portfolio Pulse from Benzinga Newsdesk
Eastern Bankshares (NASDAQ:EBC) reported Q1 2024 adjusted EPS of $0.23, surpassing the $0.20 estimate, with sales of $157.592M also beating the $134.917M estimate. However, this represents a 30.3% decrease in earnings and a 19.07% decrease in sales from the same period last year.
April 25, 2024 | 8:32 pm
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Eastern Bankshares reported a Q1 2024 adjusted EPS of $0.23, beating estimates, and sales of $157.592M, also above expectations. Despite these beats, there was a significant decrease from last year's figures.
The positive earnings and sales beat are likely to have a short-term positive impact on Eastern Bankshares' stock price, as beating analyst estimates typically boosts investor confidence. However, the significant year-on-year decreases in both earnings and sales might temper the positive impact, as they could raise concerns about the company's growth trajectory.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100