Heritage Financial (NASDAQ:HFWA) Second Quarter 2024 Results

Key Financial Results

• Revenue: US$55.1m (down 10.0% from 2Q 2023).

• Net income: US$14.2m (down 16% from 2Q 2023).

• Profit margin: 26% (down from 28% in 2Q 2023). The decrease in margin was driven by lower revenue.

• EPS: US$0.41 (down from US$0.48 in 2Q 2023).

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

Heritage Financial EPS Beats Expectations, Revenues Fall Short

Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) exceeded analyst estimates by 2.5%.

Looking ahead, revenue is forecast to grow 8.7% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are up 10.0% from a week ago.

Risk Analysis

We don't want to rain on the parade too much, but we did also find 2 warning signs for Heritage Financial that you need to be mindful of.

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